Rio Tinto's $2.45B coal mine sale to Chinese-led group cleared by Australia
Rio Tinto (NYSE:RIO) wins approval from Australia’s foreign investment regulator to sell most of its coal mines to a group led by Yanzhou Coal (NYSE:YZC) for $2.45B.
The deal would leave Rio with just two producing coal mines in Australia and elevate the Chinese-led group to the country’s largest pure-play coal producer.
Yancoal Australia, 78% owned by YZC, has not yet secured financing for the deal, with investors awaiting details of a capital raising and share offer.
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