The cut in growth is largely due to a fall in exports, believed to be forced onto the company by the Chinese government’s export quotas that aim to limit the amount of coal shipped out of the country to counter domestic shortages.

According to Dow Jones Yanzhou Yanzhou sold 39.4 million tons of coal in 2003, 4.4 million more than in 2002. Of that, domestic sales jumped 25% to 25.8 million tons, but exports fell 5.8% to 13.6 million tons.

Xinhua Financial News said the coal producer had so far signed domestic coal sales contracts worth 11.92 million tons for this year. It also signed letters of intent for domestic sales of 17.5 million tons.