May 10, 2013 / 3:25 AM / 5 years ago

Carlyle bids for Rio Tinto stake in Australian copper mine - report

MELBOURNE, May 10 (Reuters) - U.S. private equity firm Carlyle Group has submitted a bid for Anglo-Australian miner Rio Tinto’s 80 percent stake in the Northparkes copper mine in Australia, Dow Jones reported on Friday, citing a person familiar with the bid.

Macquarie, which is advising Rio Tinto on the sale, declined to comment. A Carlyle executive and Rio Tinto spokesmen were not immediately available for comment.

Northparkes is one of several assets that Rio Tinto plans to sell as it looks to pare $5 billion in costs and focus on its best assets to help protect its single-A credit rating in a weakened commodities market.

Carlyle is the second private equity firm to be linked to the Northparkes stake after it was earlier reported that KKR & Co was looking to bid.

However, KKR is no longer in the running, two sources told Reuters.

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