Sept 27 (Reuters) - China-backed coal miner Yancoal Australia Ltd (YAL) said on Wednesday it had exercised its option to buy a 29 percent stake in the Warkworth operation from Japan's Mitsubishi Corp <8058.T> 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 (RIO) Coal & Allied unit.
News: China-backed Yancoal Australia exercises option to up stake in coal mine
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$116.33 |
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-1.160(0.99%) |
Mkt cap ! $43.17B | |||
| Open | High | Low | Value | Volume |
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