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Yancoal plans US$2.5b equity raising for Rio Tinto coal mines

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Rio agreed to sell its Australian coal mines for US$2.69 billion to Yancoal, a unit of China's state-run Yanzhou, in June after a protracted battle with Glencore.

Sydney

CHINA-BACKED Yancoal Australia Ltd will raise US$2.5 billion in equity to fund the purchase of Rio Tinto Group's Australian coal assets, with its parent Yanzhou Coal Mining Co tipping in US$1 billion.

Glencore plc, which will jointly operate some of Rio's Coal & Allied

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