Greening the steel industry, China’s second largest source of carbon emissions at 15%, is a vital part of the country’s plan to become carbon neutral by 2060.

Foreign takeovers of mining companies have been a touchy topic ever since a wave of deals 18 years ago took out some of the country’s biggest players.

The Canadian mining company said it will buy back as much as $2 billion of B class shares, and distribute roughly $182 million to shareholders.

Australian coal stocks are headed for their best week in years.

The government is planning to approve the deal as soon as Thursday, Globe and Mail said.