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Yancoal could target Kestrel if its Anglo ambitions fail to fly

Yancoal Australia Ltd. (ASX:YAL) is believed to be angling to buy the $3 billion Kestrel coal mine when it is due to come up for sale by private equity owner EMR Capital - if it misses out on the $4 billion worth of Anglo American coal assets on offer, sources say. EMR Capital is set to launch the sale process of Kestrel at the conclusion of the Anglo American process. It is located in Queensland's Bowen Basin, 51km northeast of Emerald, and was purchased by the Owen Hegarty-chaired EMR Capital in 2018 from Adaro Energy for $2.25 billion.The developments come as more information filters out about the sale process for the Anglo American coal assets on offer through Goldman Sachs and Morgan Stanley. The understanding is that suitors are being told to ascribe zero value to the Grosvenor mine that has caught fire and been closed as a result. Yancoal, which is 62% owned by Chinese state-owned Yankuang Energy, is being assisted by CITIC CLSA and Royal Bank of Canada in its quest to buy the Anglo American portfolio.Chief executive David Moult made it clear during the company's results presentation this month he is a keen buyer, with the group suspending distribution payments to keep its $1.5 billion war chest to use for acquisitions. Glencore plc (LSE:GLEN) is also expected to run hard at the opportunity, while Stanmore Coal's boss Marcelo Matos somewhat laid his cards on the table during the company's result this week. While he would not say if Stanmore was a participant in the sale, he noted that its asset (Poitrel) was next to Anglo American's (Grosvenor and Moranbah North).Stanmore's Indonesian backers, such as Golden Energy, are likely to be there to support its bid, as could BUMA Energy. Or it may play separately. On offer are Anglo American's Capcoal and Dawson assets, and its most attractive mine is Moranbah North as well as Grosvenor.Also in the mix are its Aquila project, an interest in Jellinbah and the potential Moranbah South project.