China Yanzhou Coal Australia output rises to 20 million tonnes in 2011

   Date:2011-11-30     Source:xujintaoheww

Reuters cited Mr Zhang Minglin vice general manager of parent Yankuang Group as saying that China Yanzhou Coal Mining Company Limited will produce more than 20 million tonnes of coal from its Australia assets in 2011 after the company signed two M&A deals in Australia earlier this year.

If realised, coal output from Australia this year for the company will rise by 67% from last year as Yanzhou aggressively expands business in Australia.

According to Reuters calculation, that accounts for about 40% of the company total coal output last year which is 49.4 million tonnes.

Yanzhou Coal has made four successful M&A deals in Australia and is still keen to acquire more Australian coal assets.

In September this year, Yanzhou Coal agreed to buy two coal companies from Australia Wesfarmers Ltd for AUD 296.8 million.

In August, Yanzhou Coal bought 100% equity interests in two Australian coal producers, Syntech Holdings Pty Ltd and Syntech Holdings II Pty Ltd for AUD 202.5 million in cash.

In 2009, Yanzhou Coal bought Australia Felix Resources Ltd for USD 2.9 billion and in 2004 it bought Southland Coal Mine in Australia and renamed it as Austar Coal Mine Pty Ltd.

(Sourced from Reuters)


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