Tag: Yancoal

Australia’s fickle foreign investment regime could impact Yancoal acquisition

On 29 June, Rio Tinto’s shareholders met to give their final approval to the sale of the Australian Coal & Allied assets to Yancoal, a Chinese government owned coal company. However, despite Yancoal’s apparent confidence, it has yet to demonstrate how it is going to fund the planned acquisition, and has previously been criticised for ...

Can Yancoal raise finances outside China?

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 preferred bidder on Tuesday. Yancoal has previously been criticised for not being able to show how it would fund the planned mega-deal. This comes after it was revealed ...

Rio Tinto board gathers to weigh up Glencore’s $US2.3b coal deal disruption

The Australian Financial Review has reported that “Rio Tinto’s board will meet on Tuesday morning to consider Ivan Glasenberg’s $US3.47 billion ($4.56 billion) attempt to disrupt Yancoal Australia’s acquisition of the Anglo-Australian’s last and best outpost in Australian coal, Coal & Allied. The unscheduled London board meeting, whose outcome remains the subject of deep uncertainty, ...

Glencore chief lobbies Rio to back its rival bid for coal assets

Original published by Scott Murdoch in The Australian Glencore executives have made a direct pitch to Rio Tinto bosses in London to convince the board to back its $US2.55 billion ($3.35bn) bid to buy the Coal and Allied ­assets in the Hunter Valley. Rio Tinto and the Swiss-based mining house held discussions at the weekend ...

Yancoal mega-deal under threat as Rio Tinto weighs up ‘superior bid’ from Glencore 

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 from Anglo-Swiss heavyweight Glencore. The Glencore offer of US$2.55 billion for Rio Tinto’s Coal & Allied unit, which includes mines in the Hunter and a major stake in ...

Takeover of Coal & Allied leaves $600 million black hole in finances of China’s Yancoal

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.

Chinese Government considers rules on “irrational” debt-laden deals

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.

Standard & Poors cast doubt over Yancoal-Rio Tinto deal finances

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.

Yancoal’s funding challenge to pay Mitsubishi for Rio mega-deal

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.

$1.3bn Barrick deal abandoned by China

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.