An information document will be sent to more than 20 potential bidders in the next two weeks, Perth-based Aquila said in an e-mailed response to questions from Bloomberg. The project is valued at about A$500 million, according to a June estimate from Patersons Securities Ltd.
Aquila is seeking to sell three assets, including Avontuur, to help fund its share of the A$5.2 billion West Pilbara Iron Ore joint venture project with AMCI Inc. to be built in Western Australia. Avontuur, in which Aquila has a 74 percent stake, may produce as much as 2 million metric tons of manganese, the company has said.
Separately, Aquila has drawn up a shortlist of bidders for the Washpool coking coal project in Queensland, and hopes to announce a sale by early November, according to an e-mailed response to questions. The project is valued at about A$366 million, Patersons said in June. The company declined to comment on the number of bidders.
Aquila fell 1.3 percent to A$6.13 at the 4:10 p.m. close of Sydney trading. The stock has declined 16 percent in the past 12 months.
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