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| Thursday, 29 November 2018, 10:00 HKT/SGT | |
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HONG KONG, Nov 29, 2018 - (ACN Newswire) - On 23rd November, Yancoal Australia Ltd ("Yancoal" or the "Company", Stock code: 3668) held a press conference to announce its global offering and the listing of its ordinary shares (the "Shares") on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), the Company commenced its HK Public Offering on 26th November.
 | | From Left to Right are Chief Financial Officer Mr. Lei ZHANG, Co-Vice Chair, Executive Director and Chair of the Executive Committee Mr. Fucun WANG,Chief Executive Officer Mr. Reinhold SCHMIDT |
Supported by the Shanghai and Hong Kong listed controlling shareholder Yanzhou Coal Mining Company Limited ("Yanzhou"), Yancoal is committed to continuoiusly advancing its strategic growth and building the business as a leading low-cost coal producer in the global seaborne market. Yancoal's management remains focus on investing in the Australian resources sector, driving operational efficiencies, reducing costs, exploring market opportunities and providing its customers with the certainty in product quality and delivery.
Australia's Largest Pure-play Coal Producer with a Seaborne Business Focused on major Asian Export Markets
As the Australia's largest pure-play coal producer, Yancoal has ownership and operational interests in five mines:Hunter Valley Operations (which is operated as an unincorporated joint venture with Glencore) ("HVO"), the integrated operations of the Mount Thorley and Warkworth open cut mines, which are located adjacent to each other ("MTW"), the open cut and underground mines comprising the Moolarben coal complex ("Moolarben"), the integrated operations of the Stratford and Duralie mines which are located in close proximity to each other ("Stratford Duralie") and the Yarrabee mine ("Yarrabee"), and also manages the Ashton, Austar and Donaldson mines on behalf of Watagan Mining Company Pty Ltd ("Watagan"). Yancoal also has a near 50% share of the Middlemount mine through an incorporated joint venture ("Middlemount").
Yancoal has long-term relationships with end-users in key global markets. Yancoal's strong trade relationships with customers in Japan, South Korea, the PRC and Singapore underline its successful marketing efforts in its key export markets. Yancoal is also focused on maximising new sales opportunities generated from its acquisition of Coal & Allied, including the marketing of semi-soft coal into India and Europe and premium thermal coals across Asian markets. The end users for Yancoal's coal products include major power utilities and steel mills in Japan, South Korea, the PRC and Singapore. During the three years ended 31 December 2017 and the six months ended 30 June 2018, Yancoal has also supplied coal to power and steel mills in other Asian countries, including Malaysia, Vietnam, Thailand and Indonesia, as well as customers in South America and Europe on an ad hoc basis.
A Sustainable Platform for Future Growth with Producing High Value Coals
Yancoal has large, high quality reserve and resource base located in a low risk jurisdiction, which underpins current and anticipated production levels whilst also supporting future growth opportunities. Based on current Marketable Coal Reserves (compiled in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 edition), the average remaining mine life of Yancoal's mines is 24 years. HVO, MTW and Moolarben have 43, 23 and 20 years, respectively, of remaining mine life.
Yancoal's principal coal products are thermal and metallurgical coal, which are widely used in the thermal power and steel production industries. All of the coal that Yancoal produces is sold for export to customers located in various key markets across the Asia Pacific region. The export-oriented nature of Yancoal's business is a key differentiator, because the Company is able to obtain global and market determined indexed pricing for most of its coal sales. Furthermore, the availability of proximate rail and port connectivity to Yancoal's mines, and the relatively short voyage times from the east coast of Australia to Yancoal's key export markets, enable the Company to price its coal competitively for those markets.
Topic: Press release summary
Sectors: Metals & Mining, Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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