The auction of a majority stake in the A$1 billion-valued Revuboe River coking coal deposit in Mozambique will reach a critical phase this week, with around four global miners likely given the green light to weigh final offers, a person familiar with the matter said Monday.

A deadline for final bids is due the first week of October, with the sale process of the controlling 58.9% stake held by Talbot Group Investments due to be completed by the end of the year, the person said.

Talbot Group is selling all its assets, including the stake in Revuboe, following the death of founder Ken Talbot in an air crash in Africa last year.

Revuboe is a 1.4 billion metric ton coking and thermal coal deposit in the fast-growing Tete coal province in central-western Mozambique. The joint venture, which includes Japan's Nippon Steel Corp. (5401.TO) and South Korea's Posco (005490.SE), hopes to start production of up to 17 million tons of coking and thermal coal from September 2013.

A spokesperson for Talbot Group wasn't immediately available to comment.

-By David Fickling and David Winning, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

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