Whitehaven Coal Limited (ASX:WHC) investors nervous about the miner embarking on an equity raising to buy BHP Group Limited (ASX:BHP)'s coalmining portfolio may be worrying unnecessarily. BHP is understood to be open to selling the two mines it has on offer separately. The understanding is that Whitehaven's interest is in the Daunia mine, which is close to its Winchester South mine.

Whitehaven would probably be able to buy the asset without going cap in hand to investors in an equity raising. On a call to investors this week about its June quarter report, Whitehaven boss Paul Flynn said the company was able to source bank debt for metallurgical coal assets, but thermal coal was a challenge as its $1 billion revolving finance facility had not been renewed. Blackwater - the other asset for sale by BHP - produces thermal coal as well as metallurgical coal, while Daunia produces metallurgical coal.

They are two of nine metallurgical coal mines in Queensland's Bowen Basin that are part of the joint venture, split 50-50 between BHP and Mitsubishi Development. Earlier in the contest, some were betting that Coronado would buy Blackwater, given its operations, including workforce, roads and ports are close by, while Peabody Energy was seen as the most likely acquirer of Daunia. Yet that was early on, before Yancoal turned up, looking like it would easily overcome other suitors, and some believe Coronado's interest is cooling.

But if the assets can be sold separately, they may be within in the grasp of groups such as Coronado and Peabody, which would enjoy synergies. Macquarie Capital is working on the sale, while UBS is believed to be advising Whitehaven Coal and RBC Yancoal. Six parties are understood to have been shortlisted to buy the assets: Yancoal, Coronado, Stanmore Coal, BUMA, Peabody Energy and Whitehaven Coal.