Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Yancoal Australia has reported significantly improved numbers in the six months ended June, after the acquisition of mining major Rio Tinto’s Coal & Allied assets in 2017.
Yancoal on Thursday reported that revenue for the interim period had reached A$2.3-billion, compared with the A$832-million reported in the previous corresponding period, while operating earnings before interest, tax, depreciation and amortisation was up by A$703-million to A$980-million.
Profit after tax for the interim period reached A$361-million, compared with a loss of A$14-million in the first six months of 2017.
“The 2017 acquisition of Coal & Allied continues to prove Yancoal’s strategic foresight in negotiating a commercially astute deal capable of strengthening our scale of operations, in preparation for the global coal market’s eventual return,” said Yancoal chairperson Baocai Zhang.
“Yancoal’s financial turnaround is directly attributed to the performance of our tier-one assets and the ability of our management team to streamline and improve established operations.”
Yancoal’s saleable coal output for the interim period more than doubled compared with the first half of 2017, with its total equity share of run-of-mine coal production reported at 23.29-million tonnes, compared with 11.14-million tonnes in the first half of 2017, while its equity share of saleable coal production was 18.13-million tonnes, up from 8.71-million tonnes.
“As we build upon our success, we will continue to pursue a robust agenda of development and brownfield exploration,” Zhang said.
“Following preliminary studies, we have commissioned further drilling and technical assessments to consider the feasibility of a potential underground opportunity at Mount Thorley Warkworth.
“In the year ahead, Yancoal remains committed to working towards paying down debt and sustaining its market growth in the interest of all shareholders.”