Its share price closed at $1.34, giving the company a market capitalisation of $1.45 billion.

The listed Yancoal is the outcome of the merger of the assets of Gloucester Coal and specific assets of the previously unlisted portfolio of Yancoal Australia Limited. Yancoal is now one of the largest pure-play coal companies in Australia.

Chinese giant Yanzhou Coal Mining Company currently owns 78% of the company, which has amassed net debt of $4.1 billion, most of which came from the $3.5 billion acquisition of Felix Resources in 2009. As part of its Foreign Investment Review Board approval for the acquisition, Yancoal had to list on the ASX.

It has net asset value of $2.4 billion with interests in seven operating mines and six under feasibility study. It also has investments in two coal export terminals - Wiggins Island in Gladstone which Yancoal holds a 5.6% share and NCIG in Newcastle which Yancoal holds a 27% share.

The merger creates one of Australia's largest listed mining companies, operating mines in New South Wales and Queensland and Yanzhou is the only Chinese coal mining company that is listed on the Shanghai, Hong Kong and New York stock exchanges.

Yancoal inaugural chairman Weimin Li said: ''The listing is the most significant milestone for both Yancoal and Yanzhou.

“Since purchasing one mine in 2004, Yancoal Australia and Yanzhou Coal Mining Company has followed the principles of good corporate governance and market-oriented decision making, and has benefited from the skills of local management.

“We have also fulfilled our investment commitments to the Australian government and our social responsibilities to the communities in which we operate.”

Yancoal’s chief executive officer Murray Bailey said: “In growing the company, we will build on the strong relationships we have with our local communities and customers, focus on further enhancing and implementing best practice health, safety and environmental management practices, whilst developing the expertise and rewarding the commitment of our people.”

Yancoal is also one of China’s largest international mining groups by market capitalisation, integrating coal mining, coal chemical conversions and power.

Yanzhou independently developed Longwall Top Coal Caving, an international leading technology that can be utilized in the excavation of thick coal seams. The technology has been registered for patent in China, Australia and South Africa. Yancoal has been implementing this technology in a number of its mines.

In NSW the new coal company operates Moolarben mine near Mudgee in the NSW central west; Ashton, Austar, Abel, Tasman and Donaldson mines in the Hunter Valley; and Duralie and Stratford in the Gloucester region north of Newcastle. The company will also operate Yarrabee mine near Blackwater in central Queensland, and has a near 50% share in Middlemount mine northwest of Rockhampton.