Yanzhou Coal resubmits Felix bid to Australian regulator

Chinese miner Yanzhou Coal has resubmitted its bid for Felix Resources to Australia’s Foreign Investment Review Board (FIRB), but the Brisbane-based company still expects the US$3.05 billion takeover to be completed in December, Bloomberg reported. Felix Resources told the Australian stock exchange that there were no “material amendments” to the application, while Yanzhou declined to comment on why it was resubmitting the application. The FIRB must make recommendations on transactions to the Australian treasurer within 30 days, although it can ask for a 90-day extension or request that bids are resubmitted for an additional 30-day review, according to the Wall Street Journal. Delays regarding Chinese investments are by no means unprecedented. China Non-Ferrous Metal Mining has had to resubmit its application to buy a majority stake in Lynas Corp three times since the deal was announced on May 1. The FIRB has yet to make a formal recommendation on the deal.