Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



THE PITS
Rio prefers Yancoal to Glencore in Australia coal sale
by Staff Writers
Sydney (AFP) June 26, 2017


Rio Tinto Monday recommended shareholders accept a new improved offer from Yancoal for its Australian coal assets, after the China-backed firm trumped a fresh bid from Swiss commodities giant Glencore.

Rio, 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 last week said it still favoured Yancoal since the deal was expected to be completed faster due to greater funding and regulatory certainty, leading Glencore to deliver a fresh US$2.675 billion bid over the weekend.

With the stakes raised, Yancoal came back with its own improved US$2.69 billion offer on Monday, which Rio said it preferred.

"The revised offer from Yancoal of $2.69 billion offers compelling value to our shareholders for our Australian thermal coal assets," said chief executive Jean-Sebastien Jacques in a statement.

"This sale process has been in progress for a long period of time and we believe it is in the best interests of our shareholders to take the greater certainty of Yancoal's strong proposal."

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

Rio holds its annual general meeting in London on Tuesday, where shareholders are set to vote on the deal.

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

mp/fa

RIO TINTO PLC

Glencore

THE PITS
Glencore makes new bid for Rio's Australia coal assets
Sydney (AFP) June 26, 2017
Rio Tinto said on Monday that Swiss commodities giant Glencore has upped its offer for the firm's Australian coal assets, raising the stakes in a bidding war with China-backed Yancoal. Rio, 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 Yanc ... 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
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

THE PITS
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

THE PITS
A 100-year-old physics problem has been solved at EPFL

Clean energy stored in electric vehicles to power buildings

Battery improvements spark HEV EV market breakthrough

Liquified gas electrolytes power new lower-temperature battery

THE PITS
Thrive Renewables delivers mezzanine funded wind farms in Scotland

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

THE PITS
SOVENTIX and Gentec EPC sign a joint venture agreement to develop solar hybrid projects across Nigeria

Pacific island nations get renewable energy support

Using sunlight to the max

Alberta unveils solar-power rebate program

THE PITS
UK nuclear plant to cost consumers billions more

Toshiba delays results again citing US nuclear unit

AREVA obtains transport license for its new cask in France and Belgium

NWMO to Focus Field Studies on Fewer Communities

THE PITS
Researchers produce biofuel for conventional diesel engines

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

THE PITS
Rosneft aims to export Egyptian natural gas

Seismic surveys responsible for high zooplankton mortality rates

Best days ahead for oil-rich Canada, prime minister says

New research reveals impact of seismic surveys on zooplankton

THE PITS
OECD: Air pollution, urbanization offsetting gains in renewables

Starvation looms as food runs out in drought-hit Ethiopia

World Bank: Middle East conflicts impede climate and other objectives

France pledges $34 mln for foreign climate experts




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