Yankuang Energy: Plans to acquire 100% of the equity interests in Hongxun Group for no more than $2.4 billion

Mars Finance News, April 14 — Yanzhou Mining Energy announced that its controlling subsidiary, Yanzhou Coal Australia, has signed a transaction document with the seller to acquire 100% equity of Red Snipe Group for no more than $2.4 billion, thereby indirectly obtaining an 80% interest in Red Snipe Coal Mine. The transaction consideration includes an $1.85 billion upfront cash payment and up to $550 million in contingent cash consideration. The Red Snipe Coal Mine is located in Bowen Basin, Queensland, and is one of Australia’s largest operating underground coal mines, primarily producing high-quality hard coking coal (about 80%), supplemented by semi-soft coking coal and thermal coal. The products are characterized by low ash content, high fluidity, high plasticity, and low levels of harmful elements, mainly sold to steel companies in Japan, South Korea, India, and Southeast Asia. (Company Announcement)