Chinese mining company Yanzhou Coal has struck a deal to acquire an Australian coal company, serving as a reminder that China still has an insatiable appetite for energy resources. Australia has been a big target for Chinese resource acquisition, fueling a mini-boom in an otherwise grim economy.

Yanzhou will pay $2.9 billion for Brisbane-based Felix Resources, or $14.85 per share, representing a 6.5 percent premium over Felix’s closing price before the deal was announced. As traders suspected the acquisition was pending, Felix’s shares surged in anticipation.

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