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China-backed Yancoal Australia exercises option to up stake in coal mine
September 26, 2017 / 11:01 PM / 2 months ago

China-backed Yancoal Australia exercises option to up stake in coal mine

(Reuters) - China-backed coal miner Yancoal Australia Ltd said on Wednesday it had exercised its option to buy a 29 percent stake in the Warkworth operation from Japan’s Mitsubishi Corp for $230 million.

The agreement brings Yancoal’s stake in the Warkworth project to about 85 percent, it said in a statement.

The project, which was part of a bidding war between Yancoal and commodity trader Glencore PLC, was snatched up by Yancoal earlier this year as part of its acquisition of Rio Tinto’s Coal & Allied unit.

Reporting by Ambar Warrick in Bengaluru; Editing by Byron Kaye and James Dalgleish

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