China Minmetals unit seeks to take control of Australia's Highfield Resources, Yankuang Energy says
May 12 (Reuters) - China's Yankuang Energy (600188.SS), opens new tab said on Monday that Qinghai Salt Lake Industry (000792.SZ), opens new tab, a unit of state-owned China Minmetals (CHMIN.UL), intends to invest $300 million in Australia's Highfield Resources (HFR.AX), opens new tab to take control of the potash miner.
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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