Australia eases ownership limits on Chinese miner
December 12, 2013, 12:05 am TWN
SYDNEY--Australia eased foreign ownership restrictions on Chinese state-owned coal firm Yanzhou Wednesday to help shore up the miner amid tough conditions in the sector.
Treasurer Joe Hockey said he had agreed to relax a number of conditions placed on Yanzhou Coal as part of its AU$3.5 billion (US$3.2 billion) takeover of Felix Resources in 2009, after a request from the Chinese firm.
One of the key requirements was that Yanzhou reduce its stake in wholly-owned Australian subsidiary Yancoal to less than 70 percent by the end of this month and its share of Felix's four coal mines to 50 percent, in a bid to alleviate foreign ownership concerns.