Shares jump as Australian billionaire moves to take over Whitehaven Coal

The new resource exceeds 2.63 billion tonnes with an average grade of 3,926 ppm TREOs.

Jellinbah holds a 70% stake in two metallurgical coal mines located in Queensland.

A network of at least 26 state-backed banks has helped Beijing tighten its grip on critical minerals over the past two decades.

The offer price of as much as A$1.20 cash per share implies a fully diluted equity value for Red Hawk of A$254 million ($160 million).