Last week Yancoal, a subsidiary of China's Yanzhou Coal Mining Company, announced the purchase of Wesfarmers Premier coal mine in Western Australia for $A296.8 million but Yancoal managing director Murray Bailey said coal purchases would not stop there.

“We are an acquisitive company and we certainly have our eye on a range of opportunities but it depends on whether we can come to an agreement on price and conditions,” he told ILN.

“There’s no opportunity that we wouldn’t say no to initially unless it was against our strategy.”

Bailey could not disclose what assets Yancoal was interested in but said the company would consider purchasing both developed and undeveloped assets in thermal and coking coal.

Bailey said the company was prepared to buy a number of “modestly” priced assets similar in price to its purchase of the Premier coal mine.

“Certainly if the opportunities present themselves that meet with our expense and strategy then numbers in excess of $1 billion aren’t out of the question,” he said.

Yancoal’s subsidiary Yanzhou has purchased a string of Australian companies in recent years, including coal developer Syntech Resources for $202.5 million.

It also bought Felix Resources in 2009 for $3.1 billion.

Yancoal’s latest purchase of Wesfarmers Premier coal mine is subject to conditions following approval from the Foreign Investment Review Board and Chinese government authorities.

Bloomberg news service said there had been $32.4 billion worth of coal deals in 2011 to date.