Bloomberg reported that Aston Resources Limited is holding talks with several companies including Itochu Corporation, interested in buying a stake in the AUD 2.3 billion Maules Creek mine.

Mr Todd Hannigan CEO of Aston said that "We are talking to a number of parties." He is also considering debt, including US bonds and equity to raise money to develop the mine.

Aston sold a 15% stake in the mine in Australia's New South Wales state to Itochu for AUD 345 million in December 2010, valuing the project at AUD 2.3 billion. Six months of exclusive talks with Itochu about buying an additional stake ended on June 14th 2011.

Mr Yasuhiro Terashita, spokesman for Itochu, said that "Itochu and Aston Resources are continuing negotiations."

Aston is developing Maules Creek as coal prices trade close to a record and Chinese and Indian companies vie for assets. Aston plans to start output from the mine in the middle of 2013.

Mr Nathan Tinkler, Australia's wealthiest person under 40, holds a 32% stake in the company. Mr Tinkler bought Maules Creek last year for AUD 480 million from Rio Tinto Group unit Coal & Allied Industries Limited.

Mr Hannigan said that Aston's share of the estimated AUD 651 million development cost will be AUD 553 million. The company has enough funding to wait as many as nine months to decide whether to sell a stake or choose other forms of funding.

(Sourced from www.bloomberg.net)