Yancoal chairman Baocai Zhang said in the company's annual report that it would continue to strive for excellence in coal mining but there were also exciting and new horizons elsewhere.

"While Yancoal will remain committed to our core business and to ensure our coal mining operations are world-class, there will also be opportunities to expand Yancoal's asset portfolio beyond a pure focus on traditional energy," he said.

"As the world moves towards a lower carbon economy, Yancoal has identified the development of renewable energy projects and the pursuit of diversification into minerals and commodities beyond coal as important elements of a strategy to underpin the ongoing sustainability of the business into the future.

"The need to explore opportunities in the new energy sector and other commodities is critical, especially given that investors are increasingly focused on decarbonisation and carbon-neutral themes."

Zhang said this strategy aligned with the ambitions of the China-based Yankuang Energy, Yancoal's major shareholder.

"Yankuang Energy is pursuing a path of evolution from being a pure-play coal mining business to diversification into an international energy and commodities group with a global presence.

"Having commenced this journey and with the support of its major shareholder, the coming years will be a transitional period for Yancoal."