Yan­coal

(ASX:YAL)

The Australian Mining Review - - NEWS: COMMODITY FOCUS: COAL -

Yan­coal’s net loss af­ter tax for the six months to June 30 nar­rowed to $13.9m from $180m the pre­vi­ous year, as stronger coal prices de­liv­ered the miner an op­er­at­ing profit.

“While ini­tial price im­prove­ments were short-lived dur­ing the first half of the year, with gains mostly at­trib­ut­able to the im­pact of the Queens­land cy­clone event, met­al­lur­gi­cal coal ­prices have sub­se­quently ap­pre­ci­ated in re­cent months in re­sponse to strong steel de­mand from China,” Yan­coal chief ex­ec­u­tive Rein­hold Sch­midt said.

The re­cent ac­qui­si­tion of Rio Tinto’s Coal & Al­lied as­sets for $US2.69 bil­lion by Yan­coal af­ter a pro­tracted bid­ding war with Glen­core was also seen as a vote of con­fi­dence in the in­dus­try.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.