Yanzhou Coal Mining to step up investment in Australian coal

Shanxi Province-based Chinese coal producer Yanzhou Coal Mining Company has announced that it plans to invest $2 billion to take over the Australian miner Gloucester Coal or to set up a joint venture with the miner which will integrate all coal mine assets in Australia of both Yanzhou Coal and Gloucester Coal.
 
Once the deal is completed, Yanzhou Coal will become one of the largest coal suppliers in Australia.
 
Yanzhou Coal is the only listed coal enterprise in China's Shandong Province. Its coal reserves account for 22 percent of the province's total coal reserves.