Reuters reported that South Korea's LG International has dropped its bid for the Wilkie Creek coal mine in Australia owned by US miner Peabody Energy Corp.

LG said in a statement “We participated in the preliminary bidding, but our internal review has since concluded that the mine's business prospects did not meet our expectations.”

Peabody decided late last year to sell the mine, valued at around USD 500 million, as it aimed to focus instead on the assets it acquired with its USD 5 billion takeover of Macarthur Coal in Australia.

Source - Reuters

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