13 APRIL 2017AlCircle.com
Yancoal wins approval to buy Rio Tinto’s Hunter Valley coal mine
Edited by : Heena Iqbal
1 min read
<p>Chinese-controlled Yancoal has won the approval of Australia's Foreign Investment Review Board (FIRB) to purchase Rio Tinto's Hunter Valley coal mine involving a $US2.45 billion ($3.2 billion) investment in New South Wales. Yancoal said the FIRB approval was “a critical milestone”. The deal is expected to be completed in the third quarter of 2017.</p>
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<p>Yancoal said that FIRB had no objections buying Coal & Allied Industries, the Rio Tinto subsidiary which owns majority shares in the Hunter Valley, Mount Thorley and Warkworth coal mines.</p>
<p>Yancoal chief executive officer Reinhold Schmidt commented: “Today’s FIRB approval is a positive step forward for Yancoal, its shareholders and the Hunter Valley, demonstrating the Australian Government’s support for continued investment into the local resources sector.”</p>
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<p>“Yancoal remains a key provider of employment, training and investment within NSW and we look forward to continuing to grow our operations.”</p>
<p>The acquisition remains subject to additional conditions, including approval from shareholders of Rio Tinto and Yancoal’s majority owner, Yanzhou Coal Mining.</p>
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