New president and his administration are planning to revoke rules passed in 2012, which impose 35% local equity shareholding in the country’s mining licences.
The two firms weighing rival bids are said to be Chinalco Mining Corp International, a subsidiary of China's state-run aluminum group, and Hong Kong-listed MMG Ltd.
Iron ore, molybdenum and nickel are the main commodities executives see as having the highest likelihood of depreciating in value over the next three years.