Sale is part of Rio’s planned exit from Australian coal to focus on iron ore, copper and aluminum.
Mitsubishi Corporation Mining News
Former rival bidder Glencore will subscribe to $300 million worth of the rights offer.
The approval ends a three-week bidding war between Yancoal and Glencore over Rio's thermal coal assets in Australia.
The company has chosen to sell its Hunter Valley coal mines to China-backed Yancoal, but shareholders will decide.
Fresh bid is far better than the $2.55bn it offered earlier this month and considerably more than the $2.45bn offered by Yancoal, the Chinese-backed miner that is Rio’s preferred buyer.
The acquisition would make of Yancoal Australia’s largest pure-play coal producer.
Chinese-owned Yancoal has signalled it may raise its bid for Rio Tinto's Hunter Valley coal assets, after striking the agreement with Mitsubishi to buy its stakes in the same mines.
Australian coal mines owned by BHP Billiton (ASX:BHP) and Mitsubishi Development Pty Ltd (TYO:8058) in the Bowen Basin area voted to resume their strike, momentarily stopped this morning, right after Easter.
Japanese conglomerate Mitsubishi Corp will pay $81.25 million to acquire a 25% ownership in the Marathon PGM and copper project owned by Stillwater Mining.
Mitsubishi Corp said it plans to invite Chinese and South Korean steelmakers to participate in developing the Jack Hills iron ore mine in Australia after its joint venture partner decided to withdraw, Japanese business daily Nikkei reported.