On Monday, the Australian mining company Rio Tinto said it would extend its deadline until Wednesday, April 6 for the $3.9 billion offer for Riversdale Mining of Australia. According to Rio Tinto, “The additional time would allow some market participants to finalize the unwinding of equity swaps and to settle trades that have occurred on the Australian Securities Exchange before they can accept”.

Rio Tinto raised its bid once from $16 to $16.50 per share, but no other plausible contending bid has been seen. However, the two largest shareholders in Riversdale, Tata Steel of India and Companhia Siderugica Nacional of Brazil have had spiked interest in the deal, especially since they both want agreements for supply from Riversdale’s African mines.

Riversdale, which is based out of Australia, carries out the majority of its operations in Mozambique where it creates the cooking coal necessary for making steel.

Thus far, Rio Tinto owns 35% of Riversdale’s shares, but needs more than 50% to complete the deal. The offer to buy the rest of these shares was first made in December, but has faced a slow start in seeing any type of acceptance. Riversdale executives claim that if the deal does not go through, then Riversdale will have to ask its other shareholders for funding for projects.