Yancoal chairman Baocai Zhang said in the company's annual report that it would continue to develop its pipeline of major projects.

 

"We have high expectations for our future growth, and remain committed to leading by example … guided by our core beliefs of compliance, transparency and efficiency," he said.

 

"As we continue to support the development of a low-emissions future, coal remains a critical part of global baseload energy supply needs.

 

"It is therefore our responsibility to operate efficiently and transparently to ensure only the highest grades of quality coal are being produced and exported to meet future low-emission, high-energy needs in the international market."

 

Zhang said demand for both thermal and metallurgical coal was expected to continue to grow in 2019.

 

"I believe this year's financial and operational results clearly demonstrate we have the resilience, skills and strength to maximise future opportunities," he said.

 

"Within the past two years, Yancoal has successfully restructured its business to significantly improve operational efficiencies and establish new blending and marketing opportunities.

 

"We have implemented strict cost control measures at all sites and forged strong bonds with our many customers and joint venture partners to maximise the changing scale of our operations, post-acquisition."