China’s Yancoal Buys Australia Mine Stake for Up to $2.4 Billion

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Chinese-controlled Yancoal Australia Ltd. agreed to acquire an 80% stake in the Kestrel coking coal mine in Queensland for as much as $2.4 billion.The acquisition includes an upfront payment of $1.85 billion, plus contingent payments of up to $550 million, Yancoal said in a statement to the Australian Securities Exchange on Tuesday. The transaction is expected to complete toward the end of the September quarter, subject to regulatory approvals.