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Linc suspended ahead of expected mine sale to Adani

Linc suspended ahead of expected mine sale to Adani
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First Published: Tue, Aug 03 2010. 10 34 AM IST
Updated: Tue, Aug 03 2010. 10 34 AM IST
Sydney/Mumbai: Trading in shares of Australia’s Linc Energy was halted on Tuesday pending announcement of what was expected to be the sale of a coal mine to India’s Adani Enterprises.
The Australian firm said on Monday it was in talks with Adani to sell a key coal asset, and a source told Reuters on Monday that Adani was close to buying an asset from Linc for about A$1 billion (US$910 million).
An Adani spokesman told Reuters that the company planned to make a coal-related announcement on Tuesday but did not provide details.
Linc said its shares were suspended pending announcement on a sale of a non-core coal tenement in Queensland state.
A deal worth A$1 billion would be the largest single purchase by an Indian firm in Australia’s mining sector.
Shares in Adani Enterprises were up 2% in early Tuesday trade, while Linc shares were down 1.6% before the suspension.
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First Published: Tue, Aug 03 2010. 10 34 AM IST
More Topics: Linc Energy | Adani Power | Coal | Stocks | Markets |