Yancoal seeks $2.5bn from investors to pay for Rio’s Aussie coal mines

China-backed Yancoal Australia (ASX: YAL) said Wednesday it will launch a fundraiser to fetch $2.5 billion it needs to buy Rio Tinto’s (LON, ASX:RIO) Coal & Allied division, which it scored late June after a three-week bidding war with Glencore. The figure is lower than the $2.69 billion originally agreed, thanks to Glencore’s (LON:GLEN) intervention last[…]

Glencore acquires half of former Rio coal mine in Australia

Following a bidding race where the company initially lost, Glencore (LON:GLEN) was finally able to put its hands on Rio Tinto’s (ASX, LON:RIO) former coal assets in Australia’s Hunter Valley, located in the New South Wales region. The Anglo–Swiss multinational announced that it signed agreements with Yancoal Australia (ASX:YAL), a subsidiary of China’s Yanzhou Coal[…]