Reports today from Bloomberg TV shows that Lawyers feel that Chinese companies are set to take smaller stakes in Australian mining companies and mines.
MD Mr Brian Flannery has spoken of the sudden demand by China, particularly for PCI coal and semi-soft coke. Felix are at present in negotiations with Chinese companies for supplies.
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It is known that Felix Resources are looking for a partner in their 100% owned Yarrabee mine and Wilpeena Project. A European syndicate dropped out two or three years ago after offering $62 million for a 49% stake. MD Mr Brian Flannery said it was probably fortunate it fell through at the time - we have since had a boom and bust.
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Looking fairly bullish for the coal sector with thermal coal prices hitting near US$73 a tonne yesterday.
FLX Price at posting:
$13.78 Sentiment: ST Buy Disclosure: Held
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