Posted by Rita Mu
Yanzhou Coal Mining, China’s fourth-largest coal producer, has announced plans to buy more Australian coal assets in order to meet its five-year sales targets.
The miner’s subsidiary, Yancoal Australia, acquired Queensland-based coal miner Syntech Resources for AU $202.5 million in July 2011.
In 2009, the miner bought another Queensland-based coal miner, Felix Resources, for AU $3.3 billion.
"We will acquire more coal assets in Australia,” Wu Yuxiang, director of Yanzhou Coal, told China Daily.
“Currently we are researching some projects and will disclose more details when appropriate.”
The miner has set a target of selling 150 million metric tonnes of coal by 2015, one third or 50 million metric tonnes of which are expected to be generated from Australian mines, China Daily reported.
Yanzhou Coal Mining has reportedly another 20 million metric tonnes of coal to sell to meet its target.