Speculation continues to swirl around the potential sale of Drummond's Colombian assets. A newspaper in the United Kingdom reported that Xstrata and Rio Tinto are offering US$7.7 billion for the operation, which includes two mines, undeveloped reserves, a rail line and port. The figure is very close to Drummond's full asking price of US$ 8 billion.Xstrata was rumored to have offered US$6 billion during the first round of bidding. If Xstrata has hiked its bid price by US$1.7 billion in just a few weeks time, then that's about as bullish as any company can get about thermal coal.
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