PERTH, March 4 - Australia's Linc Energy (LNC.AX) has received a written offer for three coal assets put up for sale last year, Linc said on Thursday, prompting its shares to jump over 10 percent.
Linc, which wants to sell its non-core coal assets to help fund development of a coal-to-liquids project, did not disclose the bidder's identity or the offer price but said talks continued with a range of potential buyers, both offshore and local.
"A written offer for the purchase of all three coal assets has been received from one party," Linc said.
"Whilst negotiations with that party are now at a very advanced stage, Linc is continuing to progress all potential avenues until a sale(s) is realised."
Linc said it was weighing up whether to sell the assets together or individually.
Shares in Linc, with a market value of A$760 million ($690 million) jumped over 10 percent to touch a six-week high of A$1.65, outperforming the broader market which was flat.
Linc plans to sell its Emerald, Galilee and Pentland coal mining tenements in Queensland state. The three undeveloped projects contain a total coal resources of over five billion tonnes of coking and thermal coal.
Linc, which wants to sell its non-core coal assets to help fund development of a coal-to-liquids project, did not disclose the bidder's identity or the offer price but said talks continued with a range of potential buyers, both offshore and local.
"A written offer for the purchase of all three coal assets has been received from one party," Linc said.
"Whilst negotiations with that party are now at a very advanced stage, Linc is continuing to progress all potential avenues until a sale(s) is realised."
Linc said it was weighing up whether to sell the assets together or individually.
Shares in Linc, with a market value of A$760 million ($690 million) jumped over 10 percent to touch a six-week high of A$1.65, outperforming the broader market which was flat.
Linc plans to sell its Emerald, Galilee and Pentland coal mining tenements in Queensland state. The three undeveloped projects contain a total coal resources of over five billion tonnes of coking and thermal coal.
