September 26, 2017 / 11:02 PM / 9 months ago

China-backed Yancoal Australia exercises option to up stake in coal mine

(Reuters) - China-backed coal miner Yancoal Australia Ltd (YAL.AX) said on Wednesday it had exercised its option to buy a 29 percent stake in the Warkworth operation from Japan’s Mitsubishi Corp (8058.T) for $230 million(171.07 million pounds).

The agreement brings Yancoal’s stake in the Warkworth project to about 85 percent, it said in a statement.

The project, which was part of a bidding war between Yancoal and commodity trader Glencore PLC (GLEN.L), was snatched up by Yancoal earlier this year as part of its acquisition of Rio Tinto’s (RIO.AX) Coal & Allied unit.

Reporting by Ambar Warrick in Bengaluru; Editing by Byron Kaye and James Dalgleish

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