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The ASX-listed Yancoal has secured Rio Tinto shareholder approval on Thursday to purchase the Coal & Allied coal assets from the Australian mining giant.
Thursday's vote in Australia followed a similar vote on Tuesday in London, and Rio Tinto said over 97 percent of the shareholders were in support of the acquisition of the Hunter Valley coal operations by Yancoal.
The past two weeks saw a flurry of activities around the purchase of the coal mines, with Glencore issuing multiple bids in an attempt to pry away the assets at the eleventh hour, but with each counter proposal made by Yancoal, Rio Tinto leadership continued to back the Yancoal proposals.
In his address before the vote in Sydney, Rio chairman Jan du Plessis confirmed his belief that the Yancoal deal was superior, and reiterated the board's recommendation to shareholders that they accept the bid over the updated Glencore proposal.
"Your board has concluded that Yancoal's revised offer for a total consideration of 2.69 billion U.S. dollars offers greater transaction certainty and better value for Rio Tinto shareholders," de Plessis said.
In a recent interview with Xinhua, general manager at Yancoal James Rickards said that the sale to Yancoal would prove to be a boon for the entire Hunter Valley region, especially in terms of employment for the local citizens.
"We have got an established history within the Hunter, so this allows us to also share skills, and services, and providers, across a broader base of mines within that New South Wales region," Rickards said.
"So there is definitely some economic benefits of continued investment into the region at a local level, employment opportunities and also further training and apprenticeship opportunities."
Shares in Rio Tinto surged after the announcement, and are currently trading at 63.23 Australian dollars (48.04 U.S. dollars), while shares in Yancoal remained unchanged at 29 Australian cents.
(ASIA PACIFIC DAILY)
