The last time Sydney-listed Yancoal Australia hit the headlines was in 2015 when Noble Group was battling questions about its accounting policies.
The commodity trader had a 13 per cent stake in Yancoal that it valued at a significant premium to the prevailing market price largely on the basis of future cash flow projects.
Fast forward to 2017 and Yancoal is making news for a different reason. It has just agreed to buy the bulk of Rio Tinto’s coal assets in a deal worth $2.45bn — even though it has not secured any funding.
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