Yanzhou Coal releases overseas acquisition progress
2017-06-28 17:53:02 [Print]
China-based Yanzhou Coal Mining Company Limited (“the company”) released the progress of its overseas holding subsidiary’s acquisition of Coal & Allied Industries Limited on the morning of 27th.
Yanzhou Coal (Australia) Co., Ltd . (“Yanzhou Australia”), Yanzhou Coal’s Australia unit, plans to purchase 100% of equity of Coal & Allied Industries Limited which was held by Rio Tinto Group (“Rio Tinto”) . The company approved the agreement signed by Yanzhou Australia and Rio Tinto concerning the further supplemental and arrangement for royalties during the 34th Meeting of the Sixth Board of Director on June 26th, 2017 and gave permission to submit the deliberation of the General Meeting of Shareholders.
According to the announcement, Yanzhou Australia will pay a total of USD240 million in five years in the form of non-probabilistic royalties for the successful implementation of the acquisition project. The company’s shareholder, Yankuang Group Co . , Ltd . (Yankuang Group), signed the Capital Guarantee to add an additional USD125 million bank guarantee on the basis of the USD100 million guarantee deposit agreed on the original Financial Guarantee of Yankuang Group (or its related parties), thus raising the guarantee sum to USD225 million.
Yanzhou Coal (Australia) Co., Ltd . (“Yanzhou Australia”), Yanzhou Coal’s Australia unit, plans to purchase 100% of equity of Coal & Allied Industries Limited which was held by Rio Tinto Group (“Rio Tinto”) . The company approved the agreement signed by Yanzhou Australia and Rio Tinto concerning the further supplemental and arrangement for royalties during the 34th Meeting of the Sixth Board of Director on June 26th, 2017 and gave permission to submit the deliberation of the General Meeting of Shareholders.
According to the announcement, Yanzhou Australia will pay a total of USD240 million in five years in the form of non-probabilistic royalties for the successful implementation of the acquisition project. The company’s shareholder, Yankuang Group Co . , Ltd . (Yankuang Group), signed the Capital Guarantee to add an additional USD125 million bank guarantee on the basis of the USD100 million guarantee deposit agreed on the original Financial Guarantee of Yankuang Group (or its related parties), thus raising the guarantee sum to USD225 million.