Yanzhou Coal Mining acquires two Australian coal companies

Shandong Province-based Chinese mining company Yanzhou Coal Mining Co. has announced that its Australia-based subsidiary Yancoal Australia Pty Limited has acquired 100 percent shares of two Australian coal mining companies, i.e., Syntech Resources Pty Ltd and Syntech Holdings II Pty Ltd, through Yancoal Australia's wholly-owned subsidiary Austar Coal Mine Pty Limited for a total consideration of A$202.5 million (US$221 million).
 
Approved by the relevant authorities in China, the deal has already been concluded.
With the transaction, Yanzhou Coal Mining will own an estimated 1.732 billion mt of open-pit thermal coal resources with a higher heating value (HHV) of 6,300 kcal/kg, all located in Queensland, Australia. In particular, the proven reserves of coal in accordance to JORC standards is 440 million mt.