Yanzhou Coal Mining plans to acquire a Shanxi mine from its controlling sareholder for 733 million yuan (91.6 million US dollars) to boost its coal reserves, The Standard reported. Yanzhou Coal, a unit of the mainland's fourth-largest coal miner, the Yankuang Group, has agreed to purchase a 98 percent equity interest in Yankuang Shanxi Neng Hua Company from Yankuang Group. Yanzhou Coal’s net profit slumped 24 percent in the first half. The Hong Kong- and Shanghai- listed company said Shanxi had China's most abundant coal reserves and it expected production capacity at the new coal mine to reach 2.1 million tonnes a year. Yanzhou Coal, which is seeking to buy more mining projects to boost profitability, said it was also in negotiations to buy another coal mine in neighboring Shaanxi province for up to 1.8 billion yuan (228 million US dollars). The company hoped to sign the deal within two days. "The project currently has two shareholders and we are sure we will be the controlling shareholder after acquiring it," said director and chief financial officer Wu Yuxiang. Yanzhou Coal is also looking at participating in its parent company's coal-liquefaction project, said the paper.