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Yancoal says Australia gov't clears Rio coal sale
April 12, 2017 / 11:20 PM / 8 months ago

Yancoal says Australia gov't clears Rio coal sale

SYDNEY, April 13 (Reuters) - Australia’s foreign investment watchdog has cleared Chinese- backed coal miner Yancoal Australia Ltd to pursue its $2.45 billion acquisition of Rio Tinto ’s Coal and Allied Division, Yancoal said on Thursday.

The approval by the Australian Investment Review Board marked a critical milestone for Yancoal, representing the Australian government’s support for investment in the local resources sector, Yancoal said.

Yancoal said it expects to complete the deal in the third quarter of 2017. (Reporting by James Regan; Editing by Sandra Maler)

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