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Yancoal confirmed that it will secure up to $US950 million in new debt funding via the issue of nine-year secured debt bonds by a newly established Yancoal subsidiary, Watagan Mining Company, to Industrial Bank, BOCI Asia Financial Products (BOCI) and United NSW Energy Limited (UNE).

“On and from financial close, Yancoal’s interest in the New South Wales mining assets of Ashton, Austar and Donaldson will be held by the Issuer,” Yancoal said in statement.

“UNE will hold a right to nominate a majority of the Issuer’s directors and Yancoal will cease to control the Issuer.”