Yancoal Australia chairman resigns

Yancoal Australia Ltd chairman Weimin Li has resigned, effective yesterday. 

In a statement to the Australian Securities Exchange, the group said it would announce the appointment of a new chairman "in due course".

The news follows Mr Li's resignation as chairman of Yanzhou Coal Mining Company Ltd, the controlling shareholder of Yancoal.

The move comes in the middle of the parent company's takeover bid for the local subsidiary and follows a series of financial losses for the group.