Yancoal continues to be dogged by questions about its ability to fund the acquisition of Rio Tinto’s Hunter Coal & Allied assets, despite being confirmed as Rio’s… Read more “Can Yancoal raise finances outside China?”
Chinese miner Yancoal’s ambitious bid for Rio Tinto coal assets in the Hunter Valley has suffered a major setback, following the surprise announcement of a rival offer… Read more “Yancoal mega-deal under threat as Rio Tinto weighs up ‘superior bid’ from Glencore “
Yancoal’s bid for Rio Tinto’s Coal & Allied assets has sparked concern about possible mining job losses in the Hunter Valley associated with a $600 million bid black hole.
The acquisition of Rio Tinto’s Coal & Allied assets by state-owned Chinese firm Yancoal has fallen under much scrutiny over the past few months – and now concerns have been raised about whether the Chinese government will allow the deal to go ahead.
Financial uncertainty at commodities trader Noble Group, Yancoal’s second largest shareholder, has raised fears that the Chinese coal miner’s deal with Rio Tinto may be unviable.
Chinese-state miner Yancoal’s funding problems just got worse, after it offered US$710 million for Mitsubishi’s stake in a coal mine in Australia’s Hunter Valley.
Shandong Tyan Home, which owns Minjar Gold, told investors via the Shanghai Stock Exchange that negotiations for the deal had to be abandoned due to new capital and acquisition rules in China.
Yancoal, a subsidiary of Chinese state-owned Yanzhou Coal, has cleared the first hurdle in its bid for Rio Tinto thermal coal assets in Australia’s Hunter Valley.
Yanzhou Coal Mining general manager Wu Xiangqian has admitted that, despite market resurgence, Yancoal Australia is still failing to break even.
China’s government is to assess whether its foreign investments are worthwhile, the country’s premier has said. Li Keqiang told a conference that China must do more to… Read more “China must ensure overseas state assets are value for money, Premier says”