Australian Regulator Said to Tell Yanzhou to Cut Yancoal Stake

Australia’s foreign investment regulator told Yanzhou Coal Mining Company Ltd. to abide by an agreement to reduce its stake in local unit Yancoal Australia Ltd., said two people with knowledge of the matter.

The Foreign Investment Review Board met with Yanzhou Coal officials last week and reiterated a request to make 30 percent of Yancoal’s shares available to Australian investors by year-end, said the people, who asked not to be identified as the talks were private.