At the beginning of 2017, Yancoal contracted to buy two New South Wales Hunter Valley coal mines from Rio Tinto a cost of $3.27 billion. As a Chinese Government-controlled company, the agreement was subject to a determination by the Foreign Investment Review Board that last week approved the purchase. Should the acquisition proceed, it will be the largest Chinese-takeover of an Australian asset. Completion of the agreement remains subject to conditions including shareholder approval.
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