CEO Sam Walsh told Rio Tinto investors approvals for shipment of material from the controversial Mongolia mine are expected "in the next couple of weeks."
World number two miner to approve $5bn to bring annual capacity to 360m tonnes.
But gold producers miss out again.
The potential takeover comes only four years after Vale bought the project from Rio Tinto.
Aside from selling assets and slashing jobs, Walsh said the company will improve performance at all operations.
Mozambique’s coal industry has faced a number of challenges in recent months.
The giant miner revealed, however, a spike in first-quarter production, which sent the shares up 1.9% to 3,028p in London and received a pre-market gain estimated in 4.6% to $46.40 this morning in New York.
Rumours suggest Rio’s sale of a majority stake in Ivanhoe Australia will trigger a full takeover of the company.
No injuries were reported.
The $10bn mega project was shelved last year.
Dominion Diamond Corp, which already owns 40% of the mine, said it is interested, but the price has to be right.
The mine, scheduled to start operating in 2016, is expected to produce 5 million tonnes of coking coal a year.
Deal it is expected to fetch around $3 billion.
The country's coal industry has faced a number of challenges in recent months.
The country's commodities forecasting agency expects average price to fall to $90 a tonne over the next five years.
Mongolian state representative on Oyu Tolgoi board may be jockeying for position ahead of presidential elections.
Goldman Sachs sees significant earnings declines at world number two miner.
Rio and Xstrata are not the only miners rethinking their coal business in Australia. Vale and BHP are reportedly on the same page.
Rio Tinto this week confirmed its commitment to support innovation as a driver of growth in the Chinese diamond industry and the important role that design will play in developing new categories for diamond jewellery consumption.
The mine is currently operating under a temporary month-to-month budget from Rio's coffers
Mongolia wants six issues resolved before agreeing on construction funding.
From relic of the industrial age to the most profitable bulk commodity the mining industry has ever experienced.
Simandou, expected to cost more than $10 billion, is proving too costly for the giant miner, currently focused on selling non-core operations to curb costs and bolster its balance sheet.
The steelmaking commodity hit a 2½-month low Monday as Chinese steelmakers resist restocking frightened by weakening economic data.
Rio Tinto Diamonds is delighted with the 100 per cent pass rate in recent high school examinations for local children in the communities surrounding its developing Bunder diamond mine in Madhya Pradesh.
Australian miners and unions say the rising number of mine deaths that go unnoticed for days is concerning.
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