UPDATE: Glencore has confirmed it had struck a $US1.139 billion deal to buy 49 per cent of the Hunter Valley Operations coal mines from Yancoal Australia and Mitsubishi.
The deal, which is conditional on approvals and the completion of Yancoal’s acquisition of Rio Tinto’s operating stake in HVO as part of a $US2.69bn deal struck last month to buy all of Rio’s Australian thermal coal, is expected to be completed within six months.
Under the deal, revealed by The Australian this afternoon, Glencore has also agreed to subscribe for $US300 million of Yancoal shares in an equity raising to fund Yancoal’s Rio purchase.
Glencore will be the exclusive marketing agent for HVO coal sales into Japan, South Korea and all other countries except China, Thailand, Taiwan and Malaysia.
Swiss miner and trader Glencore is close to finalising a $US1 billion deal to take a 49 per cent stake in the Hunter Valley Operations that Rio Tinto is selling to Chinese-backed Yancoal Australia as part of its exit of Australian thermal coal
For the rest of this article: http://www.theaustralian.com.au/business/mining-energy/yancoal-onsells-part-of-hunter-valley-coal-assets-to-glencore/news-story/f48de7a741a8765b5e05cf1d829837f7