Yancoal to lift stake in Moolarben coal mine for A$110.5m
ASX-listed Yancoal Australia has moved to increase its stake in the Moolarben Joint Venture (MJV), exercising pre-emptive rights to acquire an additional 3.75% interest for A$110.5-million. The deal will lift Yancoal’s ownership in the New South Wales-based thermal coal operation from 95% to 98.75%.
The transaction is being executed through Yancoal’s wholly owned subsidiary, Moolarben Coal Mines, which entered into a binding agreement with three joint venture participants. The trio had initially agreed to sell their interests to a third party, triggering Yancoal’s right to match the offer on equivalent terms.
Under the agreement, Yancoal will make an upfront payment of A$25-million upon completion, with the remaining A$85.5-million to be paid in coal price-linked installments over five years. The company said it would fund the acquisition through a combination of existing cash reserves and future operating cash flows.
While Yancoal has secured clearance from Australia’s Foreign Investment Review Board, the deal remains subject to a number of conditions precedent, including regulatory approvals and waivers or consents from third parties. Upon completion, the effective economic date of the transaction will be January 1, 2025.
The Moolarben complex is one of Yancoal’s flagship assets, comprising opencut and underground operations in the Western Coalfields of New South Wales. The mine supplies domestic and international customers.
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