Stock Track | Yankuang Energy Soars on Potash Acquisition Deal

Stock Track09-24

Shares of Yankuang Energy Group Co. Ltd. surged over 5% on Monday after the Chinese coal mining company announced plans to acquire a majority stake in Australian potash miner Highfield Resources Ltd.

Under the proposed deal, Yankuang will transfer 100% shares of its subsidiary Yancoal Canada Resources to Highfield in exchange for newly issued Highfield shares at AU$0.50 apiece. This will make Yankuang the largest shareholder in Highfield and give it control over the Australian company's board.

Additionally, Highfield plans to raise AU$220 million through a share issuance, with Yankuang investing up to AU$90 million. The proceeds will be used to fund the construction of Highfield's Muga potash mine project in Spain and bolster Yankuang's liquidity position.

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