Australia to pay China’s Shenhua $200m to buy back mining licence

July 11, 2017

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Australia’s New South Wales state said on Wednesday it would buy back half of a coal exploration licence from China Shenhua Energy Co Ltd, bowing to pressure from farmers and environmentalists opposed to mining on prime agricultural land.

The government of Australia’s most populous state said it had agreed to pay A$262-million ($200-million) to buy back 51.4% of Shenhua’s exploration licence on the Liverpool Plains 400 km (250 miles) northwest of Sydney.

Category: General