Corrs Chambers Westgarth and Mallesons Stephen Jaques have advised on an acquisition of large thermal coal assets in southern Queensland.
Corrs advised Yancoal Australia Limited, a wholly owned subsidiary of Yanzhou Coal Mining Company in China, on it's acquisition of Syntech Resources Pty Ltd (advised by Mallesons).
Yancoal acquired a number of coal exploration and production assets located between Miles and Chinchilla in the Surat Basin in southern Queensland, including the Cameby Downs Mine, through the purchase of 100 per cent of the equity interests in Syntech.
Partners Andrew Lumsden and Bruce Adkins led the Corrs team with support from senior associates David Sim and Franka Cheung and lawyers Maggie Wong and Jennifer Leung.
Partner Greg Golding led the Mallesons team, supported by solicitor Nicholas Dowsley.
The acquisition is critical to the further development and productivity of the Cameby Downs Mine (including plans to expand its export terminals at Gladstone and Surat Basin) which commenced mining in 2010 and currently has a production capacity of 2 million tonnes of raw coal and 1.4 million tonnes of commercial coal per annum.
Yanzhou Coal plans to increase the annual production capacity of the mine to 16 million tonnes of raw coal and 11.4 million tonnes of commercial coal per annum.
Corrs previously advised Yanzhou Coal on its $3.5 billion acquisition of Felix Resources Limited so that it became the first Chinese state-owned enterprise to acquire 100 per cent of an Australian listed company.