Minara Resources: Participating In BHP's Ravensthorpe Sale

Nickel miner Minara Resources Ltd. (MRE.AU) said Monday it's participating in the sale process for BHP Billiton Ltd.'s (BHP) Ravensthorpe nickel mine in Western Australia.

The Perth-based miner said it was exploring various funding options to potentially buy the idled nickel laterite operation, adding there was no certainty about the outcome.

The Australian Financial Review reported Monday that China Metallurgical Group as well as Minara remained in the bidding for the US$2.1 billion mine, after China's largest nickel miner Jinchuan pulled out of a bid consortium with Minara. However, other potential joint bidders have shown interest.

Minara's largest shareholder is commodity trader Glencore International AG (GNC.YY) with a 70.6% holding.

Final bids are due for the end of November.

BHP closed Ravensthorpe earlier this year after only a few months of production.

-By Elisabeth Behrmann, Dow Jones Newswires;

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