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China firm to re-bid for Aussie coal miner

(Xinhua)
Updated: 2009-10-12 17:06

CANBERRA: Australian coal mining company Felix Resources (Felix) revealed on Monday that China's Yanzhou Coal Mining (Yanzhou) Co., Ltd. will resubmit its application to take over the Australian company.

Felix has been advised that Foreign Investment Review Board (FIRB) has not yet made a decision regarding the application, and that Yanzhou will resubmit its application Monday, Felix said in a statement on its website.

The company said the timetable for the deal will not be affected by the latest resubmission.

This will be the second time that Yanzhou has been asked to resubmit its A$3.5-billion ($3.2 billion) proposal to the FIRB.

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Yanzhou has resubmitted its application for the first time last month, restarting a 30-day appraisal process rather than triggering a 90-day extension of the review period.

Analysts said on Monday that Australian regulators seem to tighten their stance on foreign ownership.

Patrick Colmer, director of FIRB, said late September in an economic forum in Sydney that the board would be more "comfortable" with investments below 50 percent for new ventures and 15 percent for major producers.

Colmer also suggested that Chinese companies which are invested in Australia should consult with Australian authorities before signing cooperative agreements with Australian businesses.

Yanzhou Coal Mining Co., Ltd., located in east China's Shandong Province, is one of the large-scale coal enterprises in China. It also owns Austar Coal Mine, Tianchi Coal Mine, Zhaolou Coal Mine in Australia, north China's Shanxi Province and Shandong Province respectively, according to information on the company's website.