Yancoal Australia Pty. Limited (ABN 82-111-859-119) was incorporated in Australia in November 2004, and is a wholly owned subsidiary of
Yanzhou Coal Mining company Limited in the People's Republic
of China.
Yanzhou Coal Mining Company Limited, China, owns and operates eight mines in China with ISO 9001 Quality certification and ISO 14001 environmental certification (including 23 subsidiaries):
| Established: | 25 September, 1997 |
| Listed in Shanghai Stock Exchange | |
| Listed in Hong Kong Stock Exchange | |
| Listed in New York Stock Exchange, USA, (ADR) | |
| Financial Statistics, December 2006: | |
| Shareholders’ Fund: | 18,932 Million RMB (A$ 3,124 Million) |
| Sale Revenue: | 12,007 Million RMB (A$ 1,981 Million) |
| Operating Income(before Tax): | 3,727 Million RMB (A$ 615 Million) |
Yanzhou Coal Mining Company Limited is a listed company with strict corporate governance.
Awards received by it included the following:
| Top 100 Listed Companies in China | Fortune(Chinese version) 2005 |
| Top 50 "A" Share Listed Companies in China | Investors Relationship Management - Capital Weekly - 2005 |
| Nifty Fifty Blue Chip Listed Companies with Most Growing Potential in China | New Finance & Economics, 2005 |
| International Asia Pacific Quality Award | Asia Pacific Quality Organization, 2006 |
The objective of setting up a company in Australia was to introduce the Longwall Top Caving Coal Mining Technology to this important coal mining region. The technology, developed by Yanzhou Coal Mining in China, had been successfully implemented in China.
Yancoal Australia Pty. Limited has every intention to become a leading mining and technology company in the mining sector in Australia.
The paid up capital of Yancoal Australia Pty. Limited as of year end December 2006 was A$ 64,000,000 (Australian Dollars Sixty Four million).
The acquisition of Southland Coal Mine was completed early in 2005 and a subsidiary company was formed to hold those assets. This subsidiary company is called Austar Coal Mine Pty. Limited, (ABN 67-111-910-822) and it currently has a paid up capital of A$ 64,000,000.
Production of coal in development tonnage started in July 2005 and production using Longwall Top Coal Caving Technology started in October 2006.
As at the end of 2006, Austar Coal Mine employed over 250 technical operatives and managerial staff. This number does not include about 30 technical and managerial staff who were sent from the parent company in China, working as expatriates in Australia.
The scope of work undertaken by Austar Coal Mine includes technical studies, safety monitoring of underground mining, ventilation, conveyer belt maintenance, operating the water treatment plants, washing of coal, environmental protection, rail transportation and port loading.
Yancoal Australia together with Austar Coal Mine have vested authority to sell and export clean coal to any customer in the world and both companies are not restricted to sell coal to China, or Asia alone.
Yancoal Australia Pty. Limited will continue to support its subsidiary company, Austar Coal Mine Pty. Limited, by assigning experienced longwall mining staff from China, upgrading its mining equipment and providing financial assistance to it in accordance with its 5 years mining plan and the 15 years operational plan.
At the same time, Yanzhou Coal Mining will continue to support Yancoal Australia in order to enable it to achieve its wide objectives of becoming a technology leader in the coal mining industry in Australia.
The Board Members and senior executives are listed in the “Management” Section.