5 May 2020other● Neutral
Hong Kong monthly return for April 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2020other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement on pages 78–100. Administrative.
27 Apr 2020annual report● Neutral
Full 2019 annual report, repeating results already released in February: profit A$719m, revenue A$4.46bn, total dividend 31.56c, gearing 29%. The text shown is mostly branding and safety and community material; no new figures.
27 Apr 2020asset acquisition disposition● Neutral
Final adjustment payment for the Moolarben 10% purchase confirmed at A$7,851,907, equal to the amount already paid at completion, so nothing further is owed. Closes out this part of the Sojitz deal.
2 Apr 2020other● Neutral
Hong Kong monthly return for March 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
1 Apr 2020security holder rights change● Neutral
Issued 1,449,459 short-term incentive rights to senior executives, about 0.11% of shares. Half vests 1 March 2021 and half 1 March 2022, settled in shares or cash at board discretion; any shares would be existing ones, not newly issued. Routine remuneration.
31 Mar 2020asset acquisition disposition▲ GoodMajor
The 10% Moolarben purchase from Sojitz completed on 31 March 2020, taking Yancoal to a 95% interest; a Korean consortium holds the other 5%. Resolves the deal announced four days earlier and adds attributable revenue from this low-cost mine.
27 Mar 2020asset acquisition disposition▲ GoodMajor
Binding deal to buy Sojitz's 10% of the Moolarben joint venture for A$300m, lifting Yancoal's interest from 85% to 95%. Paid in four instalments (A$50m at completion, A$50m June 2020, A$100m Dec 2020, A$100m a year after completion), partly from Hong Kong offering proceeds.
27 Mar 2020asset acquisition disposition● Neutral
Hong Kong-rules disclosure of the Moolarben purchase: A$300m plus an adjustment amount, a discloseable and connected transaction because Sojitz is a joint venture partner. No shareholder vote needed. Adds detail to the same-day announcement; no new economics.
20 Mar 2020resource reserve update● NeutralMajor
Attributable coal resources rose to 6,911Mt from 6,442Mt, while recoverable reserves fell to 1,196Mt (1,240Mt in 2018) and marketable reserves to 872Mt (892Mt). Resources grew; reserves slipped, consistent with a year of mining depletion (inference).
20 Mar 2020other● Neutral
Hong Kong-required list of directors and committee roles as at 20 March 2020, reflecting Ning Zhang as sole executive director. Gregory Fletcher, Geoff Raby and Helen Gillies are listed as independent. Administrative; no new substance.
20 Mar 2020director officer appointment● NeutralMajor
Ning Zhang, a Yankuang Group veteran, became Executive Director and Vice-Chair from 20 March 2020, replacing Fucun Wang. CFO Lei Zhang also resigned; a replacement search has begun. Second senior leadership change in two weeks.
13 Mar 2020security holder rights change● Neutral
815,640 vested 2018 short-term incentive rights will be settled in cash at the A$2.90 share price rather than new shares, to keep the company's public float compliant. 623,595 rights remain, vesting 1 March 2021.
9 Mar 2020other● Neutral
Hong Kong-required list of directors and committee roles as at 9 March 2020, reflecting Moult's move to CEO. Three independent directors remain. Administrative.
9 Mar 2020director officer appointment● NeutralMajor
Independent director David Moult became CEO from 9 March 2020, replacing Reinhold Schmidt, who resigned to pursue new opportunities. Moult's exit leaves too few independent directors under Hong Kong rules; a replacement is to be appointed.
4 Mar 2020other● Neutral
Hong Kong monthly return for February 2020: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
28 Feb 2020investor presentation● Neutral
Investor presentation accompanying the 2019 results, covering figures already released the same day. Text shown is mainly disclaimers.
28 Feb 2020annual report● Neutral
2019 operating EBITDA A$1.64bn (down 25%); cash cost A$61/t beat guidance; capex A$285m. Total 2019 dividend 31.56c/share (58% payout). Gearing 29%; US$500m debt repaid early. Coronavirus flagged as a 2020 factor.
28 Feb 2020annual report● NeutralMajor
2019 profit after tax was A$719m, down from A$852m; revenue A$4,460m (down 8%). Final unfranked dividend of A$280m (21.2c/share) declared, payable 29 April 2020. Resolves the pending results; Middlemount lost A$29m.
18 Feb 2020other● Neutral
Notice that the Board will meet on 28 February 2020 to approve 2019 results and consider a final dividend. Administrative notice.
11 Feb 2020other● Neutral
Published the Audit and Risk Management Committee charter (approved 18 December 2019), as required by Hong Kong rules. Governance document; no new substance.
10 Feb 2020other▼ BadMajor
Yancoal warned it will likely book a non-cash impairment of its loan to Watagan (owner of the Ashton, Donaldson and Austar mines), citing ongoing technical challenges there. Amount not yet known; due before the 27 February results. Follows earlier Watagan mine issues.
10 Feb 2020material agreement● Neutral
Completes the POSCO coal sales deal announced 19 December 2019: the cap for 1 January to 31 March 2021 is set at US$150m (about 0.675Mt). Administrative follow-up; no shareholder vote needed.
4 Feb 2020other● Neutral
Hong Kong monthly return for January 2020: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
6 Jan 2020other● Neutral
Hong Kong monthly return for December 2019: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
19 Dec 2019material agreement● Neutral
Yancoal signed a three-year framework agreement (to 31 December 2022, auto-renewing) letting Yanzhou-owned entities whose mines it manages use its bank guarantee facilities. They pay the bank's fee plus a 5% margin. Disclosure only; no shareholder vote needed.
19 Dec 2019material agreement● Neutral
Yancoal renewed its coal sales agreements with POSCO, a 20% partner in the Mount Thorley JV: four contracts, with 2020 sales capped at US$600m (about 2.7Mt). Sales were US$298m in the ten months to October 2019 versus US$428m in 2018.
4 Dec 2019other● Neutral
Hong Kong monthly return for November 2019: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
5 Nov 2019other● Neutral
Hong Kong monthly return for October 2019: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
1 Nov 2019material agreement● Neutral
Supplement to the Glencore diesel deal: the cap for 1 January to 31 October 2022 is set at A$150m, completing the cap schedule the earlier notice said was still to come. Administrative follow-up.