China Minmetals unit seeks to take control of Australia's Highfield Resources, Yankuang Energy says
In September, Highfield Resources had said it would raise $220 million from Yankuang Energy and other parties in a deal that would make the Chinese coal miner its majority shareholder.
However, if completed, the non-binding deal between Qinghai Salt Lake Industry, Yankuang, and Highfield's current largest shareholder, EMR Capital, would result in Qinghai gaining control of Highfield instead.
Qinghai would also acquire Yankuang's Yancoal Canada operations including its Southey potash project with this deal, Yankuang said.
Highfield Resources and Qinghai Salt Lake Industry did not immediately respond to a Reuters request for comment.
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