By Marleny Arnoldi
May 7, 2018 - Diversified miner Glencore on Friday completed the acquisition of a 49%-interest in the Hunter Valley Operations (HVO) coal mine in New South Wales, Australia.
The HVO operation is a joint venture (JV) with coal producer Yancoal Australia, which owns a 51% stake.
Glencore Australia coal business COO Ian Cribb expects that the JV will bring significant benefits for both companies and their shareholders.
The acquisition process started in August 2017 and entailed Glencore paying $1.14-billion plus a 27.9% share of $240-million non-contingent royalties over five-year years.
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