(Reuters) - China-backed coal miner Yancoal Australia Ltd <YAL.AX> said on Wednesday it had exercised its option to buy a 29 percent stake in the Warkworth operation from Japan's Mitsubishi Corp <8058.T> for $230 million.
The agreement brings Yancoal's stake in the Warkworth project to about 85 percent, it said in a statement.
The project, which was part of a bidding war between Yancoal and commodity trader Glencore PLC <GLEN.L>, was snatched up by Yancoal earlier this year as part of its acquisition of Rio Tinto's <RIO.AX> Coal & Allied unit.
(Reporting by Ambar Warrick in Bengaluru; Editing by Byron Kaye and James Dalgleish)
