The ASX-listed company, which is majority owned by the Chinese giant Yanzhou, is committed to improving productivity at its mines in the long term.

“Although market conditions in 2014 remain challenging, I believe that with strong support from our shareholders and under the leadership of the chairman of the executive committee and chief executive officer, our management team is equipped with the capacity and capability to realise the strategic targets set by the board,” he said.

“So as to improve the company’s profitability and maximise returns to our shareholders, as well as contributing to the wellbeing of our communities in which we live and operate, Yancoal will adopt and embrace innovative approaches and initiatives. I am confident that the long-term future will witness a more prosperous Yancoal with new horizons.”

Yancoal is well positioned to deliver on its long-term objective of becoming a sustainable, integrated provider of global coal products, with a business that is characterised by safe and efficient production, strong environmental values, compliant management procedures, and transparent reporting, Lai said.

“With a 10-year history in Australia, Yancoal has already established a highly competitive profile, seized opportunities required for growth, and built a distinctive corporate culture with a harmonised mixture of Australian and Chinese elements,” he said.

The current outlook for the global coal market remains depressed and without clear signs for improvement, according to Lai.

“We anticipate that weak coal prices will persist for a considerable time,” he said.

“While the entire mining industry is experiencing challenging circumstances, persistent companies with long-term and global vision will still find good opportunities, and Yancoal is one of these companies.”