Yancoal increase coal production in NSW

Company News

by Rachael Jones

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

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.