The acquisition is expected to complete by early March 2018 and is subject to FIRB apporval and waiver (or non-exercise) of existing pre-emptive rights held by the other minority Warwkworth joint venture participants.
At completion, the Yancoal group will own approximately 84.5% of the Warkworth joint venture, which will increase the Yancoal group’s share of coal production from the integrated Mount Thorley Warkworth (MTW) operations from 64.1% to 82.9%. MTW’s total saleable coal production in 2016 was 12.3 million t (100% basis).
Yancoal Australia Chief Executive Officer, Reinhold Schmidt, said “By exercing the call option, we are strengthening our position within the Hunter Vallet and progressing our long term strategy for continued growth and investment into tier one assets.
Read the article online at: https://www.worldcoal.com/mining/27092017/yancoal-acquires-mitsubishis-interest-in-warkworth/