China’s Yanzhou Coal Mining Co. Ltd. has got an official approval to take over Australian coal mining company Felix Resources, according to Xinhua Online. The deal, involving A$3.3 billion ($3 billion) in a contractual agreement reached by the two companies in August, would be the largest of its kind between Chinese and Australian firms. Yanzhou Coal said the Chinese Commission of Development and Reform has approved the company’s bid to take over 100% of the stake in Felix. The company said that after the takeover of Felix, it would obtain an approved coal reserve of 1.5 billion mt in Australia. Its annual coal output in Australia is expected to exceed 10 million mt.
