Australia approves Chinese take-over of Felix
- Publishing Date
- 23 Oct 2009 5:04pm GMT
- Author
- Mining Journal
The Australian government has approved Chinese group Yanzhou Coal Mining Co's proposed US$2.9 billion take-over of Felix Resources Ltd, but with a number of conditions attached.
The deal is conditional upon Felix's assets being run by an Australia-based company, and on Yanzhou listing the local unit on the Australian market by 2012, with the Chinese group limiting its holding to a maximum of 70%.
Felix produced a total of 4.8Mt of coal in the year to end-June 2009, and it is estimated the acquisition will boost Yanzhou's total coal production by 10%.
(October 23)
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