Yancoal Australia Limited
(ASX:YAL) has appointed Li Xiyong director and chairman of the group, following the resignation of Wiemin Li earlier this year.
Yancoal says Mr Li has also been appointed as the chairman of the Yanzhou Coal Mining Company Limited, Yancoal’s majority shareholder.
The news comes after Yanzhou Coal Mining announced it may privatise its underperforming ASX-listed subsidiary.
Yanzhou owns 78 per cent of Yancoal Australia, which became the nation's largest listed coal company after an $8 billion merger with Gloucester Coal last year.
Yancoal Australia generated a net loss of $749 million in the first half of the 2013 financial year.
