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Carlyle bids for Rio Tinto’s Northparkes copper-gold mine

10 May 2013

mining strip commodity commodities minePrivate equity firm Carlyle has reportedly tabled an offer for Rio Tinto’s 80 per cent stake in the Northparkes copper-gold mine in Australia, which has reportedly drawn interest from KKR.

The news was reported by the Wall Street Journal, which cited a person familiar with the bid.

It is understood that the mining major, which has hired Macquarie to find a buyer for Northparkes, expects to sell the project for as much as $1bn.

Rio Tinto has previously considered the sale of Northparkes, but changed its mind due to an increase in metal prices.

The project is worth $800m, according to Citigroup’s report released in February this year.

A fortnight ago it was reported that KKR was mulling a bid for Northparkes.

Carlyle yesterday unveiled its first quarter results, which showed a decline in fees in the private equity segment.

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