King & Wood Mallesons

Asia-Pacific 100 position: 3

Open for business: treasurer Hockey removes Yancoal foreign investment conditions

In a welcome positive decision for foreign investors looking to invest in Australia, treasurer Joe Hockey has announced the removal of foreign investment conditions placed on Chinese state-owned enterprise Yanzhou Coal Mining Company in relation to its holding in Yancoal Australia.

The conditions were imposed on Yanzhou in 2009 when it received approval to acquire 100 per cent of Yancoal and required it to: reduce its ownership of Yancoal from 100 per cent to less than 70 per cent and to relist Yancoal; reduce its economic interest in Yancoal’s former Felix Resources coal mining assets to less than 50 per cent by the end of December 2013; and reduce its economic interest in two other coal mines, Syntech Resources and Premier Coal mines, to less than 70 per cent by the end of December 2014…

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