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Yanzhou Coal Mining likely to acquire Syntech Resources

"Monday, 20 Jun 2011
China Knowledge reported that Yanzhou Coal Mining Co, China third largest coal producer is likely seeking to acquire privately owned Australian coal miner Syntech Resources which owns the 700 million tonnes Carnaby Downs thermal coal project in Queensland's Surat Basin.

Surat Basin is a little developed coal province to the south of the Bowen Basin, Australia's primary coal-producing region. At present, the thermal coal project exports a small amount of coal through Brisbane port. Syntech Resources has plans to expand the output of the project to 15 million tons a year by 2013 if it obtains using rights of the port.

According to unnamed sources the acquisition is valued between several hundred million Australian dollars and more than AUD 1 billion.

Yanzhou Coal Mining acquired Australia Felix Resources Ltd for AUD 3.5 billion in 2009. The deal was China's biggest-ever takeover of an Australian company."