Glencore (LSE:GLEN) reports completing the acquisition of a 49 percent interest in the Hunter Valley operations (HVO) coal mine in NSW, following the receipt of regulatory approvals. The deal is a joint venture with Chinese coal producer Yancoal (ASX:YAL), which already owns a 51 percent stake in Hunter Valley.
As quoted in the press release:
“We look forward to a successful partnership with Yancoal at the HVO JV and expect it will bring significant benefits for both companies and their shareholders”, said Ian Cribb, chief operating officer of Glencore’s coal business in Australia.
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group’s operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.