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The global credit crunch is not expected to have an impact on the sale of Rio Tinto’s U.S. coal unit, with heavy interest shown both in the United States and abroad, a company official said.

Rio has already contacted potential bidders for Rio Tinto Energy America, and the sale is still on track to be completed in the third or fourth quarters, Mining Executive Jim Berson of the firm’s Energy and Minerals unit told Reuters.

“We began contacting potential bidders in mid May, and significant interest in acquiring the assets has been expressed by both domestic and multinational players,” he said in an email response to questions late on Thursday.

Energy America, second-largest U.S. coal producer by tonnage, was estimated to be worth about $4 billion by an analyst when the sale of the unit was announced in November.

Since then, coal prices have soared on supply problems, and this week JPMorgan raised its 2009 forecast for internationally traded thermal coal by 50 percent to $150 per tonne., while benchmark U.S quick payday loan. coals have doubled in the past year to more than $100 a ton.

NO CHILLING EFFECT

The global credit crisis that has squeezed availability of funds in some sectors was not expected to have any impact on the sale of Energy America, said U.S.-based Berson, who is leading the process.

“As evidenced in the coal equity markets, we don’t anticipate any chilling effect on the potential transaction from the current credit market conditions.” 

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