No retirement for Flannery

FORMER Felix Resources managing director Brian Flannery is the new managing director of Yancoal Australia and has bagged more than $A500 million from Yanzhou Coal Mining’s takeover of the Australian coal producer.
No retirement for Flannery No retirement for Flannery No retirement for Flannery No retirement for Flannery No retirement for Flannery

Yancoal Australia managing director Brian Flannery.

Blair Price

At the handover ceremony on Wednesday the new board of Yancoal was revealed.

Former Felix non-executive director Vincent O’Rourke will join Flannery on the board, the Australian Financial Review reported.

Flannery and former Felix chairman Travers Duncan each gained more than $500 million from their Felix shares, which Yanzhou valued at $16.95 per share in its takeover offer.

Felix delisted from the Australian Securities Exchange at the end of 2009.

Yancoal operates the Austar coal mine in the Hunter Valley.

The acquisition of Felix’s portfolio of mines in New South Wales could lead to coal blending and other synergies with the Austar operation.

With Flannery still in the driver’s seat, the development of the Moolarben project can continue unhindered.

Felix expected the mine to produce 6 million tonnes of thermal coal this calendar year, with 4.5Mt destined for export and 1.5Mt for the domestic market.

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