- The Australian government lifts certain foreign investment conditions placed on Yanzhou Coal (YZC +1.9%) which restricted its ownership of YZC's Australia unit, which operates several mines in New South Wales and Queensland.
- YZC had been required to reduce its ownership in the unit from 100% to less than 70% and its interest in other coal mining assets to less than 50% by the end of 2013, and to reduce its stake in additional mines to less than 70% by the end of 2014.
- "Since those conditions were imposed, significant challenges have emerged for the Australian coal industry," Australia's Treasurer Joe Hockey says.
Australia lifts foreign ownership restrictions on Yanzhou Coal
Dec 13 2013, 10:13 ET