China's Yancoal is waiting for Rio Tinto to make a determination on Glencore's late offer for the global miner's NSW energy coal operations before deciding whether to engage in a bidding war.
Yancoal's $US2.45 billion ($A3.25 billion) bid has received regulatory approval but the Chinese firm on Tuesday said it noted Glencore's announcement of a rival $US2.55 billion offer and would respond if Rio Tinto decides it is superior.
"If Rio Tinto determines that the Glencore proposal is a superior proposal, Yancoal will have a right to match or better that proposal," Yancoal said in a statement.
"Further announcements will be made by Yancoal if Rio Tinto determines that the Glencore proposal is a superior proposal."
Glencore on Friday said it had made an all-cash bid for Rio subsidiary Coal and Allied Industries, offering $US2.05 billion on completion of the deal and another $US100 million per year for the next five years.
Rio had agreed to sell to Yancoal in January, seemingly finalising a near-exit from thermal coal, which it no longer views as a core business.
Yancoal on Tuesday said Mitsubishi Development had accepted its $US710 million offer for its 32.4 per cent stake in a Hunter Valley thermal coal operation, with the deal conditional upon the success of Yancoal's Coal and Allied Industries bid.
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