At 7 am, local time Hunter Valley, NSW, Australia, Yancoal Australia officially took over Coal & Allied from Rio Tinto and completed assets delivery.
At 10:45 am, Mr. Zhang Baocai, director of Yankuang Group and CEC of Yancoal Australia, and Yancoal Chief Executive Officer Reinhold Schmidt signed legal documents in MTW office, symbolizing the acquisition officially effective. At 11 am, Mr. Zhang Baocai and Reinhold met with senior management in MTW site and had lunch together.
Thus far, the Monkey King Project finally made a satisfactory conclusion. After delivery, JORC resources and reserves controlled and managed by Yancoal Australia increased from 4.805 billion tons and 910 million tons to 7.924 billion tons and 2.108 billion tons, respectively, and annual raw coal production capacity increased from 44 million tons to over 80 million tons. Yancoal Australia has become the largest independent coal producer in Australia, ranking No. 3 among all mining companies in Australia.
Meanwhile, the profitability of Yancoal Australia will be significantly improved by thorough assets structural optimization and have better returns to shareholders.