The company that owns Kings Market is getting its hands on the mining giant’s assets and buying back its shares.
The Australian Securities and Investments Commission said the company, Kings Market Group, was making a bid for Kings Minerals.
Kings Minerics, which owns a vast portfolio of mines, is owned by a consortium of investors, including Glencore.
The company is also a shareholder in the Queensland Government’s coalmine.
In a statement on Tuesday, the regulator said Kings Minerates was the third company in the group to bid to buy Kings Market shares, after Glencore and the New South Wales Government.
“Kings Minerals is the fourth major shareholder in Kings Market, following Glencore, the NSW Government, and the Australian Government,” the statement said.
Kings Mineral owns the Minerals Company of Australia and a number of mining companies in the region. “
The Government has a strong track record of managing complex, highly valued assets through strategic investment.”
Kings Mineral owns the Minerals Company of Australia and a number of mining companies in the region.
In February, it was granted permission to purchase another 10 per cent stake in the company.
The purchase price was not disclosed.
The Government’s proposed coalmine would create more than 5,000 jobs.
The announcement was made in response to a tender in March from a consortium led by Chinese state-owned mining company Sinopec to acquire a 30 per cent share in the Kings Market group.
It said the deal would create “over 20,000 direct and indirect jobs” and bring $30 million to $50 million in investment for the state and territory.
“In a highly competitive environment, this tender is the best way to bring forward the project,” Premier Annastacia Palaszczuk said.
The proposed coal mine is to be built by the Queensland government and owned by Glencore Group, a unit of China’s state-controlled China National Offshore Oil Corporation.
The Queensland Government has been criticised by many miners and environmental groups for failing to protect and manage the area.
Last month, the Queensland Premier announced that the state would ban mining of the region’s forests.
“Our priority is to ensure that Kings market continues to flourish and contribute to the regional economy,” Ms PalasZczuk told reporters on Tuesday.
I am determined that this community will continue to be the jewel of Queensland, the place that attracts people from all walks of life.”