Yancoal Australia, international subsidiary of China's state miner Yanzhou Coal Ming, produced 8.65 million tonnes saleable coal (equity share) in the fourth quarter, surging 92% on the year prior, said the listed company late January 19 in quarterly activities report.
The output hike mainly came from "the significant increase in production generated by the addition of the newly acquired Hunter Valley Operations joint venture and Mount Thorley Warkworth mines", which contributed 3.45 million tonnes to the total with a 56% year-on-year increase.
Full-year production (equity basis) totaled 23.44 million tonnes, up 47% on the year, said the report, including 4.92 million tonnes from the Hunter Valley and Mount Thorley Warkworth mines, growing 31%.
Over the reported quarter, Yancoal's sales volumes (equity share) amounted to 11.31 million tonnes, up 83% compared with the same period of 2016. That included 3.45 million tonnes from the newly acquired with a 56% year-on-year increase.
Full-year sales (equity basis) surged 48% from a year ago to 28.54 million tonnes – thermal coal 19.55 million tonnes (69% YoY) and met. coal 8.99 million tonnes (16% YoY).
In New South Wales, Yancoal operates the Moolarben, Hunter Valley Operations, Mount Thorley Warkworth and Stratford Duralie open cut mines, and manages the underground mines of Austar, Ashton and Donaldson on behalf of Watagan Ming Company.
Yancoal acquired Hunter Valley Operations and Mount Thorley Warkworth assets from Rio Tinto on September 1.
In October, the company commenced longwall production at the Moolarben underground mine.
Yancoal is Australia's largest pure-coal producer, with operations in NSW, Queensland and Western Australia. It is majority owned by Yanzhou Coal Mining Company (65.46%) and Cinda International HGB Investments (16.7%).
According to a recent management presentation, Yancoal and its partners have more coal in reserve than Whitehaven Coal Ltd and New Hope Group. It's third only to BHP Billiton Limited and Glencore.
In December, Yancoal announced plans to boost coal production to between 20 and 30 million tonnes and will consider making debt repayments and dividends.
Yancoal shares closed up 3% at $0.16 on January 22.
(Writing by Alex Guo Editing by Harry Huo)
For any questions, please contact us by firstname.lastname@example.org or +86-351-7219322.