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Yancoal Secures Approval to Buy Rio Tinto’s Australian Coal Mines


 

The $2.5 billion U.S. deal between Yancoal and Rio Tinto has been approved by Australia’s Foreign Investment Review Board (FIRB), according to Xinhua. The Australian-based Yancoal, controlled by a Chinese parent company, now has regulatory approval to close the deal that will see them pick up key mines as Rio Tinto continues to divest its Australian assets.

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Ukraine Refuses Russian Coal, While Importing from Abroad

Ukrainian Prime Minister Volodymyr Groysman said the country will no longer accept anthracite from areas that are no longer under its control, such as the “anti-terrorist operation (ATO) zone” or New Russia as the Russians refer to it, according to Interfax, opting to cover the shortfall from diversified imports. “Of course, we need to buy lacking coal in different countries. I want to say: I back purchases in the United States, Australia… in other countries, but not from the aggressor,” Groysman said at a press conference in Kiev. “There is not a resolution [banning imports of anthracite from Russia], but I think that it is important for us to diversify and not supply it from Russia.”

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North Korean Ships Head Home After China Refuses Shipment

A fleet of North Korean cargo ships is heading home to the port of Nampo, according to the Asia Times, after China ordered its trading companies to return coal. Following repeated missile tests that drew international criticism, China banned all imports of North Korean coal on February 26, cutting off the country’s most important export product. To curb coal traffic between the two countries, China’s customs department issued an official order on April 7 telling trading companies to return their North Korean coal cargoes, said three trading sources with direct knowledge of the order.

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India to Offer Complete Pricing Freedom to Private Coal Miners

India’s Ministry of Coal has decided to offer pricing freedom and revenue sharing contracts as sweeteners to woo private investors into commercial coal mining in the country. Having thrown open the coal sector to private investors for commercial mining for the first time since 1973 when coal industry was nationalized, India would offer total reserves of around 30 million metric tons (mt) in the first tranche to be allocated to such private miners through the reverse auction route.

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