Pandemic pushes Yancoal into red

Yancoal has slashed its capital spend to ride out a fall in coal prices triggered by the COVID-19 pandemic that helped push it into the red.Read the full article in the AFR 22nd Sept 2020

The Chinese-backed miner cut forecast capex for the current year by more than one fifth to $300m, from $380m in February, saying it was “closely monitoring the state of international coal markets and critical supply chains”.

All non-essential capex will be deferred until 2021.

The warning came as Yancoal revealed an interim net loss of $37m, down from a $345m profit in the same period last year.

Read the full article in the AFR 22nd Sept 2020