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Mitsubishi Development has accepted Yancoal Australia’s offer to acquire its 32.4% interest in the Hunter Valley Operations Joint Venture (HVO JV) in New South Wales for $710m. 

Located 24km north-west of Singleton in the state's Hunter Valley region, Hunter Valley Operations is 67.6% owned by C&A and 32.4% by Mitsubishi. 

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Recently, Glencore made a proposal to acquire Mitsubishi’s HVO and Warkworth (WW) coal mines for $920m, associated with its offer to purchase Rio Tinto’s subsidiary Coal and Allied Industries (C&A) for $2.55bn. 

Under the agreement with Yancoal, Mitsubishi has also agreed to grant the company a call option to purchase its 28.9% interest in the WW operation for $230m.

In January, Rio Tinto signed an agreement to sell 100% of its shares in C&A to Yancoal. The decision to sell C&A to either bidder rests with Rio Tinto.

"Although Mitsubishi accepted the offers made by Yancoal and Glencore, the HVO JV interest sale hinges on selling C&A."

Although Mitsubishi accepted the offers made by Yancoal and Glencore, the HVO JV interest sale hinges on selling C&A. The company has the option to sell the interest to either party.

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In addition, Yancoal has received approval from the National Development and Reform Commission (NDRC) of People’s Republic of China (PRC) for its acquisition of C&A from Rio Tinto. 

Other regulatory approvals obtained in this regard include those from state-owned Assets Supervision and Administration Commission (SASAC) of Shandong Provincial Government, and Ministry of Commerce of PRC.

In the event that Rio Tinto chooses Glencore for the sale of C&A, Yancoal will have a right to match or better that proposal.

Image: Hunter Valley Operations. Photo: courtesy of Rio Tinto.