Fed govt approves Yanzhou takeover of Felix Resources
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PERTH, Oct 23 AAP
October 23 2009, 4:44PM
China's Yanzhou Coal Mining Company Ltd has been given the green light to take over coal miner Felix Resources Ltd provided it adheres to strict conditions.
Assistant Treasurer Nick Sherry has approved Yanzhou's application to acquire Felix, subject to it complying with legally enforceable conditions applying to all of its operations, he said in a statement on Friday.
This includes the Austar mine near Newcastle in New South Wales, which Yanzhou already owns.
Yanzhou has agreed to operate its local mines through an Australian incorporated and headquartered company, Yancoal Australia Pty Ltd.
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