Subscribe to our free daily newsletters
  Energy News  

Subscribe to our free daily newsletters

Rio backs Yancoal over Glencore for Australia coal minesw
by Staff Writers
Sydney (AFP) June 20, 2017

Rio Tinto Tuesday recommended China-backed Yancoal as the buyer of most of its Australian coal mines, rebuffing a surprise higher bid from commodities giant Glencore earlier this month.

The world's second-largest miner said in January it was selling Coal & Allied to Yancoal Australia -- majority-controlled by China's Yanzhou Coal -- for US$2.45 billion.

But Glencore, which like Yancoal also operates numerous coal mines in Australia, offered US$100 million more for the assets -- in New South Wales state -- earlier this month.

Rio said it spoke to both parties but still favoured Yancoal since the deal was expected to be completed faster due to greater funding and regulatory certainty.

Yanzhou Coal is one of China's largest mining groups by market capitalisation.

"We believe Yancoal's offer to purchase our thermal coal assets for US$2.45 billion offers the best value and greater transaction certainty for shareholders," Rio's chief executive Jean-Sebastien Jacques said in a statement.

"Yancoal's revised offer is the most attractive because it removes the deferred payment structure, can meet the timeline we have set for the transaction, and has given us certainty regarding the outstanding regulatory approvals required."

Under the original proposal, Yancoal was to pay an initial sum of US$1.95 billion and the rest as deferred payments, but would now make a single payment of US$2.45 billion, Rio said.

Yancoal had already been given the green light by Australia's Foreign Investment Review Board, while the Glencore plan was subject to Australian regulatory approval.

Dual-listed Rio said it would put the Yancoal offer to shareholders in Britain and Australia later this month, with the transaction expected to be completed by the third quarter of this year.

Rio, which in February reported a surge in annual net profit thanks to improving commodity prices, is selling Coal & Allied in a divestment drive which analysts expect will lead to a complete exit from the sector.

Yancoal operates several mines across Australia including in New South Wales, while Glencore operates 18 open-cut and underground coal mines across the country.





Coal waste fuel may reduce anthropogenic emissions
Tomsk, Russia (SPX) Jun 12, 2017
Scientists from Tomsk Polytechnic University are developing a technology for obtaining liquid fuel from coal wastes for thermal power stations (TPSs). This fuel is ten times more environmentally friendly that will make it possible to resolve two problems at once: to reduce the amount of anthropogenic emissions of TPSs and efficiently dispose wastes from coal processing and beneficiation. The res ... read more

Related Links
Surviving the Pits

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Low-carbon trajectory is the only option, European leaders say

Divestment streak continues for British energy company Centrica

New ultrathin material for splitting water could make hydrogen production cheaper

Keeping the hydrogen coming

Clean energy stored in electric vehicles to power buildings

Battery improvements spark HEV EV market breakthrough

Batteries from scrap metal

Scientists propose new method to correct common power problem in microgrids

It's a breeze: How to harness the power of the wind

ADB: Asia-Pacific growth tied to renewables

GE Energy Financial Services Surpasses $15 Billion in Renewable Energy Investments

U.S. states taking up wind energy mantle

Photopower for microlabs

Urban Solar lands UL approval for entire product line

Solar paint offers endless energy from water vapor

New technology will enable properties to share solar energy

S. Korea to scrap all plans to build new nuclear reactors

Russia sells stake in Akkuyu nuclear plant project in Turkey

Japan court clears way for nuclear reactor restarts

AREVA-EWN consortium to dismantle the Reactor Pressure Vessel at Brunsbuttel

Scientists make plastic from sugar and carbon dioxide

Turning car plastics into foams with coconut oil

Scientists use new technique to recycle plant material into stock chemicals

Splitting carbon dioxide using low-cost catalyst materials

Iraq's Abadi visits Saudi ahead of Iran stop

British North Sea target of new drilling plans

Russia claims new oil field discovered in the Arctic

Only faint traces of oil found in North Sea effort

Trump was 'wrong' to leave climate change deal: UK minister

EU's Juncker says no Paris climate deal renegotiation

US isolated as allies vow accelerated action on climate change

Climate change rift raises temperature for G7 meet

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement