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ARTICLE · 05 AUGUST 2013

Mining Sector update: August 2013 edition

Corrs Chambers Westgarth
Corrs Chambers Westgarth
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Corrs Chambers Westgarth

Corrs Chambers Westgarth

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A brief summary of information on recently completed deals, rumours, opportunities and relevant regulatory updates.

AustraliaEnergy and Natural Resources

INTRODUCTION

Welcome to the August 2013 edition of the Australian Mining Sector Update, a monthly publication prepared by Corrs Chambers Westgarth for clients who are interested in the Australian mining industry.

This publication brings together a brief summary of information on recently completed deals, market rumours, potential opportunities and relevant regulatory updates.

RECENT ANNOUNCEMENTS

On 9 July 2013, ASX-listed coal miner Yancoal Australia announced that it has received an indicative, non-binding takeover offer from its controlling shareholder, Shandongbased Yanzhou Coal Mining Company. Under Yanzhou's proposal, Yancoal will acquire the remaining 22% of Yanzhou's issued shares through a scheme of arrangement in exchange for Yanzhou CHESS Depositary Interests (CDIs). The Australian has reported that obtaining FIRB approval is likely be a major obstacle for the proposal as it contravenes previous FIRB conditions placed on Yanzhou's ownership of

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