China's Yanzhou close to taking full ownership of local arm

Joe Hockey
Joe Hockey Lauren Reed

AUSTRALIAN resources could be harvested by the Chinese Government after the Federal Government this week cleared the way for a China's state-owned Yanzhou to take full ownership of its local arm Yancoal.

Treasurer Joe Hockey agreed to water down restrictions on Yanzhou designed to force it to offload its ownership of Yancoal from 78% to 70% and relinquish its majority holdings of its associated companies.

These were all due to be enforced from January 1 next year but have now been dumped entirely.

Mr Hockey also said the government had no objection to Yanzhou owning the entirety of Yancoal, although these foreign ownership efforts were considered on a case-by-case basis.

Yancoal owns the Yarrabee Mine, west of Gladstone and Rockhampton, plus has a joint venture with Peabody Mining for the Middlemount mine.

It also owns Cameby Downs in Surat Basin near Miles in southern Queensland.

Within the next five years, Yancoal expected to expand both Yarrabee and Middlemount.

Topics:  coal joe hockey mining

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