China-based Yanzhou Coal Mining will today resubmit its $3.5 billion bid application for Felix Resources to the Foreign Investment Review Board (FIRB), the Australian coal miner said in a statement this morning.
“Felix has been advised that FIRB has not yet made a decision regarding the application and that Yanzhou will be re-submitting its application today,” Felix said.
“Subject to FIRB reaching a decision within the next 30 day period, Yanzhou’s decision to resubmit its application is not expected to delay the transaction timetable, which was set out in the scheme booklet lodged on 30 September 2009.”
This will be the second time in two months that Yanzhou has withdrawn and resubmitted the application, with the aim of speeding up the approvals process.
In the event that FIRB can not reach a decision in the normal 30-day review period, a 90-day extension comes into effect.
However, by withdrawing and resubmitting the application, Yanzhou has restarted a fresh 30-day review period for the bid.
A spokesperson for Felix did not think the move would cause the application to be pushed behind fresher bids.
“The decision to resubmit the bid keeps it on the front burner with the FIRB,” the spokesperson told MINING DAILY.
“I think the general belief is that a submission will be more likely pushed back when it goes past the initial 30-days and enters the 90-day extension.
“FIRB is attempting to clear things as quickly as it can, so keeping the bid on the 30-day deadline is probably the best way to keep it moving.”