Yancoal Australia, a coal producer with Chinese backing, has announced an agreement to acquire a 49% stake in the Kestrel coal mine. The transaction, which is subject to regulatory approvals, is valued at up to $2.4 billion. Yancoal is acquiring the stake from Exxon Mobil Corp.

The Kestrel mine, located in Queensland, Australia, is one of the country's largest coking coal mines. The deal positions Yancoal to increase its ownership in a significant Australian resource. The acquisition is expected to be completed in the second half of 2024.

Key Takeaways

• Yancoal Australia will acquire a 49% stake in the Kestrel coal mine.
• The deal is valued at up to $2.4 billion.
• The seller is Exxon Mobil Corp.
• The Kestrel mine is a major coking coal operation in Queensland, Australia.
• Completion of the acquisition is anticipated in the latter half of 2024.

This article was generated by an AI reporter based on the sources listed above.