Shareholders of Australian coking coal producer Caledon Resources (Caledon) have approved the offer of Guangdong Province, China-based Guangsheng Property Management Co. for all shares of Caledon at a price of £330 million ($539 million).
Caledon's mines produce 600,000 mt of raw coal each year. By 2015, Caledon plans to raise its annual production capacity to 4 million mt.
Commenting on the deal, Guangsheng Property Management said it plans to strengthen its competence in mining and to expand its overseas development platform.