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Corrs rounds up Felix deal

Corrs rounds up Felix deal

Corrs Chambers Westgarth has finalised its work in a record-breaking Chinese/Australian coal sector deal, having successfully advised Yanzhou Mining Company on its acquisition of Felix…

Corrs Chambers Westgarth has finalised its work in a record-breaking Chinese/Australian coal sector deal, having successfully advised Yanzhou Mining Company on its acquisition of Felix Resources.

The deal, worth $3.3 billion, is the largest Chinese deal to be successfully completed in the Australian coal sector and saw Austar Coal Mine - the wholly owned subsidiary of Yanzhou Coal - gain control of Felix in late December.

Corrs worked with advisers UBS, King & Wood, Baker & McKenzie, PWC and Bespoke Approach on the deal, completing it within the tight deadline of four months.

Corrs partner Andrew Lumsden said his team's singleminded focus allowed it to understand Yanzhou Coal's objectives and deliver effective legal solutions. "Yanzhou Coal's existing management team had successfully operated Austar Mines in the Hunter Valley and knew exactly what they wanted," he said.

The Corrs team also included George Piggott, Claire Jelbart, Sophie Chen, James Shirbin, Shawn Wytenburg, Robert Bradshaw, Stan Lewis and Katrina Sleiman.

Felix is listed on the ASX and has major coal operating mines in NSW and Queensland which will allow Yanzhou Coal to consolidate its position in the Australian coal market and provide funding for its development of the Moolarben project for future exploration.

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