China breaks path into the coal business in Australia

China breaks path into the coal business in Australia

26.01.2017 News

China in addition to the purchase of the coal business in Australia, aims to get the appropriate transport infrastructure for the supply of its raw material in many corners of the world, reports Bloomberg.

Acquisition of Australian Yancoal Australia Ltd. (which is a part of Chinese coal-mining giant Yanzhou Coal Mining Company), a controlling stake in the Australian-British multinational mining and smelting concern Rio Tinto Group for 2.45 billion dollars will double the energy supply of the Chinese company.

In addition, as the result of these financial operations will be transition into the possession of China’s 36.5% stake in Port Waratah Coal Services Ltd., which has two coal terminals at the port Nyukasl – the main arteries of transportation of coal.

Thus, the annual tonnage of coal production will increase to 34 million tons, and bring Yancoal in first place in the list of coal mining companies in Australia.

Also read: China and Korea are investing in Ukraine?

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