Yankuang Group Co Ltd, the parent of China's third-largest coal producer, Yanzhou Coal Mining Co Ltd, announced that because it acquired Australian coal producer Felix Resources, its coal output this year will likely jump 50% to 60 million metric tons, and its profit will likely increase by 140% to over RMB 6 billion.

Wang Xin, vice chairman of the Shandong-based company, said Felix Resources may achieve a coal output of 15 million tons this year. Next year, this amount will probably hit 24 million tons, two-thirds of the total output of its base in China, and could generate a profit of RMB 4 billion.

Yanzhou Coal Mining last year acquired Felix Resources for A$3.54 billion.

Yankuang is willing to gain mining rights through capital management as well as acquisitions, sources said.