The Takeovers Panel has received applications requesting it intervene in Yancoal Australia’s funding proposal to acquire the Coal & Allied division from Rio Tinto.
Yancoal Australia has unveiled plans for a $US2.5 billion ($3.14 billion) equity raising it will use to fund the acquisition of Rio Tinto’s Coal & Allied in the Hunter Valley.
With Yancoal set to acquire Rio Tinto’s Coal & Allied division, Glencore has secured an agreement with the Chinese-controlled company to take a 49 per cent interest in the Hunter Valley Operations (HVO) coal mine and form a joint venture at the site following the deal.
Yancoal Australia is already planning to sell a stake in the Hunter Valley coal operations it is set to acquire from Rio Tinto.
Australian Mining speaks to Glencore’s Neil Hassett, who was Mine Manager of the Year at the Prospect Awards in 2016, about his roles in the mining industry and how important coal mining is for local communities.
Newcastle Coal Infrastructure Group (NCIG) has completed a $US634 million ($826.6 million) refinancing with a syndicate of eight banks.
Rio Tinto has again backed Yancoal as the buyer of its Hunter Valley thermal coal assets despite Glencore’s efforts to outbid the Chinese company.
Rio Tinto has named China’s Yancoal as the preferred buyer of its Hunter Valley coal division, Coal & Allied Industries, ahead of Glencore, which made a superior bid earlier this month.
Services company Whittens has been awarded a $22 million contract by G&S Engineering Services at MACH Energy’s Mount Pleasant coal mine in the Hunter Valley region of New South Wales.
The Australian mining marketplace is watching for Rio Tinto’s response to Glencore’s attempt to trump Yancoal Australia’s $US2.45 billion ($3.23 billion) offer for its coal operations in New South Wales.
Yancoal has launched a $US710 million ($946.9 million) offer for Mitsubishi’s stake in its Hunter Valley Operations Joint Venture (HVO JV) with Rio Tinto in New South Wales.
Chinese-controlled Yancoal has secured Australian Government approval for a $US2.45 billion ($3.2 billion) acquisition of Rio Tinto’s Hunter Valley coal division in New South Wales.
Ausdrill subsidiary BTP Equipment has secured a $70 million contract extension at Peabody Energy’s Hunter Valley and Bowen Basin coal operations.
Anglo American’s expansion plan for the Drayton South coal operation in the Hunter Valley region of New South Wales has again been knocked back.
The number of mining deals in Australia is rising, according to Ernst & Young’s (EY) third quarter global mining and metals M&A activity report.
NSW Minerals Council CEO Stephen Galilee outlines coal’s future, and where it may lead the Hunter Valley.
The Hunter region has recorded rise in coal exports year on year, despite a drop in price.
Initial bids for Glencore’s Hunter Valley rolling stock and haulage assets are rolling in.
Glencore has announced it intends to sell its Hunter Valley coal rail assets.
Yancoal’s Donaldson coal operation will go into care and maintenance from June this year, in response to the global commodity downturn.