rio tinto plc-spon adr (RIOA) Snapshot

Indicative bids for Coal & Allied Industries Ltd. are due during the week ending June 14, 2013. Rio Tinto plc (LSE:RIO) will start sifting through prospective bids for 29% of its 80% in Coal & Allied, which is quietly up for sale as the miner seeks to raise cash and pay down debt. Deutsche Bank is believed to be running the process, along with Rio's Clermont coal mine in Queensland. The and possible frontrunner is Shenhua International Limited (ASX:SHU). Marubeni Corporation (TSE:8002) and Coal India Limited (BSE:533278) are reportedly interested in the asset. New Hope Corporation Limited (ASX:NHC) has a $1.5 billion war chest and is one of the best-funded potential buyers of any coal asset in Australia - though New Hope seems unlikely to be interested in a stake where it has little control. Glencore Xstrata plc (LSE:GLEN) has been touted as a bidder given its existing coal mines in the region, while there are serious questions over funding. Expectation from the buy-side is that the stake could be worth $1 billion (or less). Although the process could always be another New Hope and peter out as the negotiations get real.

The Blackstone Group L.P. (NYSE:BX) and Glencore Xstrata plc (LSE:GLEN) are eying 59% stake in Iron Ore Company of Canada Inc. (IOC) of Rio Tinto plc (LSE:RIO), according to people familiar with the matter. A first round of bids has been submitted for the stake, which Rio Tinto put up for sale earlier in 2013, according to some of the people. The other potential bidders include Vedanta Resources plc (LSE:VED) and Hindalco Industries Ltd. (BSE:500440), according to people familiar with the matter.

Eleanor Evans has been appointed company secretary of Rio Tinto plc and joint company secretary of Rio Tinto Ltd., effective from 7 June 2013. Ben Mathews has informed the Group of his intention to resign from the role of company secretary of Rio Tinto plc and joint company secretary of Rio Tinto Limited with effect from the same date. Ms Evans will be based in London. Tim Paine continues to be joint company secretary of Rio Tinto Limited, based in Melbourne.