China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
(Reuters) – China-backed coal miner Yancoal Australia Ltd said on Wednesday it had exercised its option to buy a 29 percent stake in the Warkworth operation from Japan’s Mitsubishi Corp for $230 million.
The agreement brings Yancoal’s stake in the Warkworth project to about 85 percent, it said in a statement.
The project, which was part of a bidding war between Yancoal and commodity trader Glencore PLC, was snatched up by Yancoal earlier this year as part of its acquisition of Rio Tinto’s Coal & Allied unit.
