15 days ago
Glencore outbids Yancoal for Rio Tinto's Hunter Valley coal mines
Miner-trader Glencore on Friday said it had offered $2.55 billion cash for coal mines owned by Rio Tinto in Hunter Valley, Australia, outbidding a previous offer from Chinese-owned Yancoal. The large-scale, long-life assets are next to mines already owned by Glencore, which has predicted continued demand for coal, especially in Asia, despite environmental opposition to the most polluting form of fossil fuel. In January, Rio said it was selling its interest in Coal & Allied Industries Limited (C&A) to Yancoal Australia Limited for $2.45 billion.