Yancoal plans US$2.5b equity raising for Rio Tinto coal mines
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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 operations in the Hunter Valley with Yancoal, will contribute US$300 million.
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