Yancoal Buys Australia Mine Stake for Up to $2.4 Billion

Chinese-controlled Yancoal Australia Ltd. agreed to acquire an 80% stake in the Kestrel coking coal mine in Queensland from a venture between EMR Capital Advisors Pty and Adaro Capital Ltd. for as much as $2.4 billion.

The acquisition includes an upfront payment of $1.85 billion, plus as much $550 million dependent on coal prices, Yancoal said in a statement to the Australian Securities Exchange late on Tuesday. The transaction is expected to complete toward the end of the September quarter, subject to regulatory approvals.