China's Yancoal Australia Ltd, the largest pure-coal producer in Australia, is expected to produce at least 70 million tonnes of raw coal in 2018, according to Xinhua.
The annual raw production of Yancoal, which is a subsidiary corporation of Yankuang Group Co., Ltd has seen great increase after the acquisition of Coal & Allied in September 2017.
Yancoal Australia Ltd has completed the 28.89% acquisition of a stake in the Warkworth joint venture last week for A$230 million. This boosts the China-backed Yancoal's position in the Hunter Valley coal mining region of New South Wales.
The acquisition of the stake from Mitsubishi Development Pty Ltd is a result of Yancoal exercising a call option outlined in September 2017.
Yancoal now owns 84.47% of the Warkworth joint venture.
This will increase Yancoal's share of coal production from the integrated Mount Thorley Warkworth operations from 64.1% to 82.9%.
(Writing by Becky Du Editing by Tammy Yang)
For any questions, please contact us by firstname.lastname@example.org or +86-351-7219322.