Developer and operator of resource related projects Felix Resources Ltd
(ASX:FLX) says its suitor Yanzhou Coal Mining Company is to resubmit its takeover application to the Foreign Investment Review Board.
Felix says the Foreign Investment Review Board has not yet made a decision regarding the application and that the Chinese company will be re-submitting the application today.
This is the second time that Yanzhou has resubmitted its application to the review board, however Felix says the decision is not expected to delay the transaction timetable.
There are reports that the Foreign Investment Review Board is struggling with a pile of investment requests from Chinese companies for Australia’s mining sector, with a number of companies recently asked to resubmit their applications.
Felix Resources 2008 net profit was by far its best in five years, recording $188.2 million.
