Yanzhou Coal Mining’s stakeholders have approved the takeover of Felix Resources at an EGM conducted on 30 October in Shandong, China.
The move brings the company closer to finalising the $3.5bn deal and allows Felix stakeholders to vote on the transaction during their scheme meeting on 8 December 2009.
Only a few prerequisites of the Foreign Investment Review Board (FIRB) for the acquisition have not been fulfilled.
The pre-conditions entail the joint venture parties to waiver all rights emanating from the execution of the scheme, which includes Felix’s Ashton mine located in Hunter Valley, New South Wales and Minerva mine in Queensland.
FIRB has given conditional approval for the acquisition on 23 October 2009.