China-backed Yancoal (ASX:YAL) has completed its purchase of Mitsubishi Developments interest in the Warkworth mine joint venture.
The 29 per cent interest in the New South Wales open cut mine cost $US230 million.
This was in accordance with its exercising of the call option.
Yancoal now owns approximately 84 per cent of the Warkworth joint venture.
This will increase Yancoal’s share of coal production from Mount Thorley Warkworth operations from 64 per cent to 82 per cent.
Shares in Yancoal are up 2.3 per cent to $0.16