Yancoal survives coal price drop
The Chinese-controlled Yancoal Australia (ASX:YAL) has weathered a near-halving in the price of its main product, thermal coal, in the three months to March and still augmented its substantial cash pile.
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Yancoal is a leading low-cost Australian coal producer in the global seaborne market, producing a mix of premium thermal, semi-soft coking and PCI coals for export.
Since 2004, Yancoal has built its business through strategic acquisitions; now owning, operating or participating in 11 coal mines across NSW, Queensland and Western Australia. In 2020, Yancoal produced 38.3 million tonnes of saleable coal for export into international markets. Over the past two years, Yancoal has paid dividends to shareholders totalling almost $1 billion.
Yancoal is a public company, listed on both the Australian Securities Exchange (ASX: YAL) and the Hong Kong Stock Exchange (HKSE: 3668), and is majority owned by Yanzhou Coal Mining Company Limited (Yanzhou).
The Chinese-controlled Yancoal Australia (ASX:YAL) has weathered a near-halving in the price of its main product, thermal coal, in the three months to March and still augmented its substantial cash pile.
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The impact of the slump in global thermal coal prices has become evident in the latest quarterly reports from major coal miners and exporters, Whitehaven and Yancoal Australia.
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More record highs for local coal miners Whitehaven and New Hope as punters sought to buy to grab extra profits for coal exports not even earned yet after the OPEC+ oil output cut.
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Whitehaven Coal shares touched record levels this week after revealing more rewards from the coal price boom for shareholders to enjoy; others in the space are doing equally well.
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Yancoal Australia’s Chinese state-owned parent Yankuang Energy has quietly dropped its now vastly underpriced takeover offer for the minorities in the local coal miner.
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Yancoal has confirmed earlier guidance of a massive turnaround in revenue and earnings for the six months to June as the company rode the surge in thermal coal prices to record highs.
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Commodities giant Glencore has finally managed to exit its holding in the Chinese-controlled Yancoal Australia, telling Reuters it had sold the stake into the Australian market late Wednesday.
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Wet weather and Covid have forced coal miner Yancoal Australia to slash its 2022 output forecast by as much as 7 million tonnes just as it is enjoying record prices, revenues and earnings.
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Despite the new royalty structures introduced in Queensland last week, coal miners with well managed operations are still likely to obtain profitability for the foreseeable future.
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A not unexpected response from the independent directors of Chinese-controlled Yancoal Australia to a lowball offer from its parent, deeming it unreasonable in its current form.
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