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China-backed Yancoal Australia exercises option to up stake in coal mine

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China-backed Yancoal Australia exercises option to up stake in coal mine

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(Reuters) – China-backed coal miner Yancoal Australia Ltd <YAL.AX> said on Wednesday it had exercised its option to buy a 29 percent stake in the Warkworth operation from Japan’s Mitsubishi Corp <8058.T> for $230 million(171.07 million pounds). The agreement brings Yancoal’s stake in the Warkworth project to about 85 percent, it said in a statement. The project, which was part of a bidding war between Yancoal and commodity trader Glencore PLC <GLEN.L>, was snatched up by Yancoal earlier this year as part of its acquisition of Rio Tinto’s <RIO.AX> Coal & Allied unit.

(Reporting by Ambar Warrick in Bengaluru; Editing by Byron Kaye and James Dalgleish)
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