Australia’s treasurer has removed the foreign investment conditions placed on Yanzhou Coal Mining Company, which required Yanzhou to reduce its ownership of Yancoal Australia. Foreign investment in industries that have declined may now be more palatable to the government.
Michael Sheng
亚司特国际律师事务所
上海代表处
合伙人
Partner
Ashurst
Shanghai
Removal of conditions
In December 2013 the treasurer announced the removal of the foreign investment conditions placed in 2009 on Yanzhou Coal Mining, a Chinese state-owned enterprise (SOE), which restricted its ownership in Yancoal Australia.
The conditions placed on the 2009 acquisition of Felix Resources’ coal mining assets required Yanzhou to reduce its economzic interest in those assets to less than 50% and its ownership in Yancoal from 100% to less than 70% by the end of 2013. Yanzhou was also required to reduce its economic interest in the Syntech Resources and Premier Coal mines to less than 70% by 31 December 2014.
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亚司特国际律师事务所上海代表处
上海市南京西路1168号中信泰富广场3408-10
Ashurst Shanghai office
Suites 3408-10, CITIC Square
1168 Nanjing Road West, Shanghai
邮编 Postal code: 200041
电话 Tel: 86 21 6263 1888
传真 Fax: 86 21 6263 1999
电子信箱 E-mail:
michael.sheng@ashurst.com
justin.shmith@ashurst.com
www.ashurst.com
