BRIEF: Yancoal Australia to buy 80% of Kestrel Coal Mine for $2.4 billion
Coal miner Yancoal Australia Ltd. (3668.HK, YAL.AU) said on Tuesday it will acquire 80% of Australia’s Kestrel Coal Mine for up to $2.4 billion, with Mitsui Group holding the remaining 20%.
Located in Queensland’s Bowen Basin, the mine produces high-quality metallurgical coal. It boasts 406 million tons of coal resources, including 164 million tons of marketable coal reserves sufficient to support 25 years of mining. The mine produced 5.9 million tons of sellable coal last year.
Yancoal Australia said the acquisition aligns with its strategic portfolio planning and is expected to boost total output and contribute to its operating cash flow.
Shares of Yancoal Australia opened up 2.7% at HK$40.24 on Wednesday. The stock is down 18% from its 52-week high.
By Lau Chi Hang
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