FIRB approves Yancoal acquisition of Coal & Allied
Published by Louise Mulhall,
Editorial Assistant
World Coal,
Yancoal Australia has received confirmation from the Foreign Investment Review Board that the Commonwealth has no objection to Yancoal acquiring 100% of Coal & Allied Industries Limited (Coal & Allied) (Transaction), which owns an interest in the Hunter Valley Operations (HVO) mine and the Mount Thorley Warkworth (MTV) mines (together with associated assets) subject to compliance with existing governance conditions, which already apply to Yancoal’s current assets and standard tax conditions now applied to all FRIB approvals.
Satisfaction of the FIRB condition precedent represents a critical milestone.
‘Today’s FIRB approval is a positive step forward for Yancoal, its shareholders and the Hunter Valley, demonstrating the Australian Government’s support for continued investment in the local resources sector,” said Reinhold Schmidt, Chief Executive Officer.
“Yancoal remains a key provider of employment, training and investment within New South Wales and we look forward to continuing to grow our operations.”
The Transaction remains subject to a number of further closing conditions, including Rio Tinto plc and Rio Tinto Limited shareholder approval and Yanzhou Coal Mining Company Shareholder approval.
The transaction is expected to complete in the 3rd quarter of 2017.
Read the article online at: https://www.worldcoal.com/coal/13042017/firb-approves-yancoal-acquisition-of-coal-allied/
You might also like
Coal exit and workforce shortages keep short-term Australian power prices high
Cornwall Insight has reported that the ongoing phase-out of coal facilities and the sluggish progress in launching new renewable energy projects is poised to push Australian electricity prices higher until 2030.