China-Linked Firm Takes Majority Stake in Queensland Coal Mine

Yancoal Australia, majority owned by China’s Yankuang Energy Group, will acquire an 80 percent stake in the Kestrel coking coal mine in a US$2.4 billion deal.

Mineral coal is extracted from the Rio Turbio Coal Company mine in Rio Turbio, Argentina, on Oct. 2, 2025. Walter Diaz/AFP via Getty Images

A China-linked group is buying a majority stake in Australia’s largest underground coal mine in a deal worth US$2.4 billion ($3.4 billion) to boost its portfolio.

The stock exchange-listed Yancoal Australia, majority owned by China’s Yankuang Energy Group, will pay US$1.85 billion ($2.6 billion) upfront for an 80 percent stake in the Kestrel coking coal mine northeast of Emerald in central Queensland.