Yancoal Remains Open To Further Acquisitions - Report

Chinese-owned Yancoal Australia Ltd., set to list in Australia this month following a merger with Gloucester Coal Ltd. (GCL.AU), is open to acquisitions at the right price, The Australian Financial Review reported Thursday, citing Chief Executive Murray Bailey.

Mr. Bailey says one of the key performance indicators for parent Yanzhou Coal Mining Co. (YZC) was volume growth and its aim was to have 60 million metric tons of run-of-mine production from Australia by 2016, including from the Syntech and Premier coal assets excluded from the coming listing, the newspaper reported.

"I think for those companies that are cashed up or have available equity or debt in the next year or so, it is a good time to buy," he said. "So hopefully you might see us [buy] again."

Newspaper website: http://www.afr.com