Yancoal offers $710m for Mitsubishi’s stake in Hunter Valley mines
PERTH (miningweekly.com) – ASX-listed Yancoal Australia has made a tag-along offer to acquire Mitsubishi Development’s 32.4% interest in the Hunter Valley operations for $710-million.
The tag-along offer fulfilled Yancoal’s obligation to Mitsubishi under the sale and purchase agreement for Yancoal’s $2.45-billion buy of Coal & Allied, announced in January this year.
Coal & Allied is the holding company for mining major Rio Tinto’s thermal coal business in the Hunter Valley region of New South Wales. It holds a 67.6% stake in the Hunter Valley Operations mine, with Mitsubishi holding the remaining interest. Coal & Allied also holds an 80% stake in the Mount Thorley mine and a 55.6% stake in the Warkworth mine, as well as a 36.5% interest in Port Waratah Coal Services, which owns a coal export terminal at the Port of Newcastle.
“The binding offer is another important milestone in the strategic acquisition of Coal & Allied and sends a clear message to all stakeholders of Yancoal Australia’s continued investment into the local resources sector,” said Yancoal CEO Reinhold Schmidt.
“We have negotiated a commercially robust offer in the best interest of all parties and the future growth of Coal & Allied assets.”
Schmidt said that with Rio’s support, Yancoal was looking forward to progressing the next steps in the Coal & Allied transaction to become Australia’s largest independent coal producer.
The Mitsubishi transaction was conditional upon the completion of the Coal & Allied transaction, as well as the receipt of the necessary regulatory approvals.
Last month, the Foreign Investment Review Board approved Yancoal’s acquisition of Coal & Allied.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...
VISIT SHOWROOM
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
