The Queensland mining industry has welcomed Chinese-owned Yancoal Australia after its listing on the ASX yesterday.
The company owns over ten thermal and coking coal mines across Australia, primarily located in Queensland and New South Wales.
In a statement Queensland Resources Council CEO Michael Roche said Yancoal's listing marked a "significant vote of confidence" in Australia's coal sector.
He also said the listing was the largest investment made by a Chinese state-owned company in the Australian coal industry.
"Yancoal’s rise over the past eight years reflects the level of confidence that its major shareholder – Yanzhou Coal – has in the future of the export coal industry and Queensland," he said.
Yancoal's parent company Yanzhou Coal is China's fourth largest coal miner and controls 78 per cent of the Australian entity.
The ASX said the 1.52 billion listing was the largest on the Australian market since December 2010.