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Mining giant sells stake in foreign coal producer

Coal mining QRC
Coal mining

A multinational resources company exited its shareholding in an Asia-backed business.

Glencore recently sold a minority stake in Yancoal Australia for $422 million.

“Glencore can confirm it has sold its 6.4 per cent shareholding in Yancoal Australia Limited,” a company spokesperson said according to Reuters.

The vendor suggested there was not much point in continuing to invest in the China-controlled company.

“We do not consider the shareholding to be a core asset for our business,” the spokesperson said according to the newswire agency.

The deal is understood to have involved selling 84.5 million shares for $5 each, representing a 12.1 per cent discount to Yancoal’s closing price of $5.69.

Yancoal did not immediately respond to media requests for comment.

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