Yanzhou Coal Mining, one of China top coal producers, plans to acquire 51% of Inner Mongolia Haosheng Coal Mining Ltd. for about ¥6.65 billion ($998 million). According to China Daily, the company will acquire a 35.5% stake in Inner Mongolia Coal Mining from two sellers at ¥4.63 billion ($695 million) and seek to buy a further 15.51% through an open bidding process for about ¥2.02 billion ($303 million) in a bid to increase its reserves. Yanzhou Coal said the deal would give it control of 838.4 million metric tons (mt) of coal resources. State-owned Yanzhou Coal has been scanning the market for additional coal acquisitions after its purchase of Australia’s Felix Resources Ltd. last year. Coal reserves in Shandong, where Yanzhou is based are not as abundant as those in Shanxi province or Inner Mongolia autonomous region where most Chinese coal firms are based.
