Formed in 2004 with the acquisition of the Austar underground mine in the Hunter Valley region of New South Wales (NSW), Yancoal Australia has subsequently built its business via strategic acquisition to become one of the country’s most innovative coal exploration companies. Yancoal was the first Australian coal company to successfully introduce the pioneering LTCC coal mining method in 2006, following its acquisition of the former Southland Coal Mine in the Hunter Valley, NSW. In 2009, Yancoal completed the successful takeover of Felix Resources, acquiring the leading edge Moolarben mine and becoming a key player and employer within the NSW coal industry. In 2012, Yancoal strategically merged with Gloucester Coal, listing with the Australian Securities Exchange as Yancoal Australia (ASX code: YAL), and becoming one of Australia's largest listed pure-play coal producers. Yancoal's major shareholder is Yankuang Energy Group Company Limited (62.26%) in the People’s Republic of China. Yankuang Energy is publicly listed on the Shanghai and Hong Kong stock exchanges. Making a significant contribution to regional NSW and Queensland via employment, training and investment, Yancoal operates or manages mines in three states (NSW, QLD, WA), with shareholdings or allocated capacity at key NSW and QLD major coal terminals. On 1 September 2017, Yancoal Australia Ltd acquired Coal & Allied from Rio Tinto for US$2.69 billion in value, comprising US$2.45 billion cash payable on completion and US$240 million in future non-contingent royalty payments over five years following completion and a coal price linked contingent royalty.