Thursday, 19 July, 2018

Yancoal waits as Rio mulls Glencore bid

Rio Tinto Rio Tinto is exiting coal mining in Australia amid falling prices and market volatility
Laurie Berry | 13 June, 2017, 03:11

Coal & Allied includes Rio's giant coal operation in Australia's Hunter Valley, which the company has been attempting to unload for years, and its Mount Thorley Warkworth mines.

Is Glencore Plc's last-minute bid for Rio Tinto Group's Australian thermal coal assets about quantity, or quality?

Analysts told Reuters that Glencore, which has been interested in the assets for some time, is likely to succeed with its bid.

ANGLO-SWISS company Glencore says it has trumped the Chinese-backed Yancoal by $US100million in the race to buy the Rio Tinto subsidiary Coal & Allied. Macquarie set a GBX 4,100 ($52.98) price objective on Rio Tinto plc and gave the stock a buy rating in a research note on Saturday, May 20th.

- Glencore, the London-listed miner and commodity trader, on June 9 gatecrashed an agreed deal for Rio Tinto to sells its coal mines in Australia's Hunter Valley, offering $100 million more than China's Yancoal. Yancoal has offered $US710 million. The company's combined portfolio of mines in the Hunter Valley would have production capacity of 81m tonnes a year of high energy coal that feeds increasing Asian demand for high efficiency, low emission coal.

That saw Glencore itself pushed to the edge of collapse before it could assure lenders and shareholders that it would not organise any more ill-advised deals involving huge debts.

Glencore owns coal mines in South Africa and Colombia, plus 17 operations in Australia where it produced 93 million metric tons previous year.

Microsoft Releases the Most Powerful and Poorly Named Console
Microsoft showed off the Xbox One X on Sunday and it's a sad reminder that we can't have what we want yet. There are now 300 backwards compatible titles and no Xbox One X exclusives have been announced yet.

J P Morgan Chase & Co reiterated their overweight rating on shares of Rio Tinto plc (LON:RIO) in a research note released on Monday, May 22nd.

Rio Tinto said Friday that it had received Glencore's proposal and would respond after giving it "appropriate consideration".

When the deal is concluded, Glencore plans to reduce the impact of the purchase, through sale of assets worth $1.5bn, including exploring the sale of up to 50% of its interest in the C&A mines.

Yancoal is controlled by China's Yanzhou Coal with a 78.0% stake and the Noble Group with 13.2%.

The structures of the two offers suggest that path: Yancoal is to make pay an initial $US1.95 billion in cash to Rio, followed by five $US100 million annual payments.

Pity Rio Tinto's Chief Executive Officer Jean-Sebastien Jacques.


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