Qinghai Salt Lake Industry (SHE:000792) signed a non-binding agreement to invest $300 million in Australia-listed Highfield Resources.
The deal would grant the Chinese company actual control over Yancoal Canada, Highfield Resources and its Southey potash project and Muga project through a series of governance arrangements, according to a Tuesday filing with the Shenzhen bourse.
Yancoal Canada is a wholly-owned subsidiary of Yankuang Energy (SHA:600188, HKG:1171). After completion of this transaction, Yancoal Canada will become a wholly-owned subsidiary of Highland Resources.
Due diligence and regulatory approvals are pending.
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