Yankuang Energy Group, a China-based international comprehensive energy company engaged in coal and coal chemical industry, agreed to acquire a 37.7% stake in Yancoal Australia, a coal producer, from Glencore International, a British–Swiss multinational commodity trading and mining company, for $1.8bn. The acquisition will be funded through issuance of convertible bonds for Yancoal's Hong Kong-listed shares, Yankuang said in a statement. On June 2, 2022, Glencore to reject offer for Yancoal Australia stake as too low.