Yancoal coy on Rio Tinto coal interest, responds to share price surge
PERTH (miningweekly.com) – Chinese State-controlled coal miner Yancoal, which trades on the Australian exchange, has remained vague about speculation that it is looking at major Rio Tinto’s Australian thermal coal assets, saying in a letter to the ASX that it “continues to review and explore a number of development and acquisition opportunities”.
The thermal coal assets include Rio’s Hunter Valley and Mount Thorley Warkworth operations, in New South Wales, and the Hail Creek and Kestrel mines, in Queensland.
Rio in August sold its Mount Pleasant thermal coal asset for $220.7-million plus royalties, and in March sold off its 40% interest in the Bengalla joint venture to New Hope Corporation for $616.7-million.
While remaining coy about its interest in Rio’s portfolio, Yancoal said in the letter on Wednesday that there could be no certainty that any of these “opportunities” would proceed.
Meanwhile, the miner has ascribed its recent share price increase to the recent strengthening in global coal prices.
The company’s shares surged from 24c each on October 12 to a high of 55c each on Tuesday at market close. Shares retreated on Wednesday, trading at 38c each at 16:00 in Sydney.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation