From May 28 to 30, Li Xiyong, the CPC secretary and Chairman of the Group, came to Yancoal Australia to host the board meeting and annual general meeting of Yancoal Australia. Many significant proposals concerning the long-term development of the company was considered and approved at the meeting, including the adjustment to board of directors and management of Yancoal Australia, the internationalization of salary mechanism, organization structure reform, etc.
Li Xiyong highly appreciated the achievements made by the board of directors and management of Yancoal Australia in the past four years, especially the Monkey King Project in 2017. Yancoal Australia acquired the assets of Coal & Allied Industries Limited through the project, realizing the huge profits and optimizing the asset quality. Besides, Yancoal Australia showed the insight, courage and strength of its international operation in the international energy industry through the competition and cooperation with Glencore.
Li Xiyong pointed out that Yancoal Australia owned large assets upon the acquisition of Coal & Allied Industries Limited. The timely adjustment in management and great reform in organization structure was aimed at the medium and long term development goal to motivate the enthusiasm of employees and realize healthier and more stable development as well as promote the management and control to a new level, making a new chapter of development.
Li Xiyong pointed out that the ability to allocate resources all over the world and to allocate resources efficiently is the first mark of building world-class company and multinational corporation. Next, scale and efficiency should remain forefront of the industry throughout. Thirdly, product craft should attach great importance to science and technology. Resource, scale and science and technology must be done well. Yancoal Australia should build a multinational company in line with international operation standards as requested to strongly support the further development of Yankuang in Latin America.