Yanzhou Coal’s acquisition and sale of interests in the Ashton Coal Joint Venture (NSW) and Minerva Coal Joint Venture (QLD)

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Corrs recently assisted Yanzhou Coal on its USD$250 million acquisition of a 30% interest in the Ashton Coal Joint Venture (Ashton JV).

The Ashton JV operates a major coal mine, the Ashton Coal Mine, which is an open cut and underground coal mining operation located near Singleton in New South Wales.

The Ashton Coal Mine produces semi-soft coking coal which is primarily exported to Asian steelmakers.

Yanzhou Coal had originally acquired a 60% interest in the Ashton JV following its acquisition of Felix Resources Limited (Felix Resources) (also advised by Corrs) in 2009, and as a result of this acquisition has increased its ownership of the joint venture to a 90% interest.

Corrs also assisted Yanzhou Coal in late 2010 with the sale of its 51% interest in the Minerva Coal Joint Venture (Minerva JV) located near Queensland’s Bowen Basin for AUD$201 million. The Minerva JV had also been acquired as a part of Yanzhou Coal’s acquisition of Felix Resources in 2009.