Glencore, a multinational commodity trading and mining company headquartered in Switzerland, has sold its 6.4 percent minority stake in Yancoal Australia in a block trade valued at A$422 million ($293 million), according to Reuters.
The deal involved 84.5 million shares sold at A$5.00 each ($3.49), representing a 12.1 percent discount to Yancoal's closing price on Wednesday of $A5.69 ($3.95) each.
Yancoal owns coal mines in New South Wales, Queensland and Western Australia, according to Reuters.
The company exports 100 percent of its product through five eastern Australian ports into the Asian market. According to the company’s website, Yancoal has a 27 percent ownership stake in the A$2.5 billion ($1.7 billion) NCIG export coal terminal in New South Wales; has take-or-pay contracts with Port Waratah Coal Services for the export of coal through the terminals at Newcastle; and has a 9.4 percent stake in Wiggins Island Coal Export Terminal.
