China-backed Yancoal Australia makes debut on ASX

SYDNEY - Yancoal Australia on Thursday announced the listing and start of Yancoal's trading on the Australian Securities Exchange.

The China-backed coal company made its debut on the Australian share market on Thursday after completing a merger with Gloucester Coal earlier in June.

"The merger creates one of Australia's largest listed mining companies, operating mines in New South Wales and Queensland and with investments in two coal export terminals -- Wiggins Island in Gladstone which Yancoal holds a 5.6 percent share and NCIG in Newcastle which Yancoal holds a 27 percent share," Yancoal said in a statement released on Thursday.

Yancoal's major share holder Yanzhou Coal Mining Company Limited, which holds 78 percent of the new company, is the only Chinese coal mining company listed on the Shanghai, Hong Kong and New York stock exchanges.

Yanzhou is also one of the largest international mining groups in China.

Yancoal shares opened at A$1.53 on Thursday and finished at A$1.34.