Saracen Mineral Holdings is understood to have hired Goldman Sachs and the Royal Bank of Canada to take on Northern Star in a competition to buy the Super Pit gold mine.
Final offers for the asset are due on November 15. Saracen is in the final round and said to be eager to buy the mine.
But it will have to fend off Northern Star, which has been tipped as the favourite to win the 50 per cent interest on offer by Barrick Gold.
China’s Zijin Mining is understood to be out of the contest, but Zhojin, from China, is believed to be among the final contenders, along with Evolution Mining. Barrick Gold is selling the stake through investment bank Credit Suisse.
The remaining interest held by Newmont Goldcorp is also expected to come up for sale.
Expectations are that Barrick’s stake will sell for between $US300m and $US400m ($436m-$581m).
An acquisition by an Australian group is likely to spark an equity raising.
The 3.5km long, 1.5km wide Super Pit is Kalgoorlie’s biggest employer.
Operated by Newmont, the mine produces about 800,000 ounces of gold a year.
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