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Yancoal Australia Ltd Shares Jump on Bumper Quarter

The Yancoal Australia Ltd (ASX:YAL) share price jumped 3% on Monday following a bumper quarterly production report.

The Yancoal Australia Ltd (ASX: YAL) share price jumped 3% on Monday following a bumper quarterly production report.

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%).

Yancoal Shares

YAL share price
Data source: Google Finance

On Friday evening after the ASX’s close, Yancoal released its quarterly report to investors.

Here are some of the key stats:

  • 8.65 million tonnes of saleable coal produced, up 92% on the prior year
  • Quarterly sales of 11.3 million tonnes, up 83%
  • Commenced longwall production at the Moolarben underground mine

According to a recent management presentation, Yancoal and its partners have more coal in reserve than Whitehaven Coal Ltd (ASX: WHC) and New Hope Group (ASX: NHC). It’s third only to BHP Billiton Limited (ASX: BHP) 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 Monday.

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