Past year: ▲ 5%(4.96 – 8.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2017annual report▼ Bad
Full-year 2016 loss was $227.1m on revenue of $1.24bn, versus a $291.2m loss in 2015. No dividend. Net tangible assets per share are shown as negative $0.91. Moolarben contributed $125.3m. Austar had a small coal burst in August 2016.
24 Jan 2017asset acquisition disposition▲ GoodMajor
Yancoal agreed to buy 100% of Coal & Allied (Hunter Valley Operations, Mt Thorley Warkworth) for US$2.45bn (A$3.27bn) plus a coal-price royalty. To be funded by a pro-rata share offer; Yanzhou intends to take up about US$1bn. Completion expected third quarter 2017.
24 Jan 2017resource reserve update● NeutralMajor
Year-end 2016 attributable resources are 2,879Mt, with recoverable reserves of 555Mt and marketable reserves of 402Mt. Annual JORC statement; excludes the proposed Coal & Allied assets.
24 Jan 2017asset acquisition disposition▲ GoodMajor
Rio Tinto announced the sale of Coal & Allied to Yancoal for up to US$2.45bn: US$1.95bn at completion plus US$500m deferred over five years, plus royalties. Confirms the earlier price-query speculation. Needs Rio shareholder, Chinese and government approvals; completion expected second half 2017.
19 Jan 2017quarterly activities report▲ Good
December quarter saleable output was 4.51Mt (equity share), up 21%, with sales of 6.18Mt, up 25%. Full-year saleable output was 15.99Mt versus 15.26Mt in 2015. Moolarben rose 35%; Ashton fell 42% on rock intrusions. Yanzhou still holds 78.0%.
3 Jan 2017security holder rights change● Neutral
60 Subordinated Capital Notes were converted into ordinary shares at a holder's request, effective 31 December 2016. A very small conversion against 18,005,102 notes outstanding.
21 Oct 2016quarterly activities report▲ Good
September quarter saleable output was 4.42Mt (equity share), up 16%, with sales of 5.16Mt, up 18%. Moolarben rose 52%. Duralie was redesigned, affecting about 45 roles. Austar had a brief August shutdown after a small coal burst.
18 Oct 2016price query● Neutral
ASX queried a share price jump from $0.24 to $0.46. Yancoal cited media speculation about interest in Rio Tinto's Australian thermal coal assets, saying it is reviewing acquisition opportunities with no certainty, and pointed to stronger coal prices.
30 Sept 2016debt financing● Neutral
Yancoal has issued US$775m of the US$950m bonds. BOCI's remaining US$175m subscription is extended six months to 31 March 2017, subject to BOCI credit approval; if not obtained, the total stays at US$775m. Pushes back the 30 September deadline.
18 Aug 2016investor presentation● Neutral
Media release repeating the half-year loss of $180.4m and the Watagan bond deal. New figures: operating EBIT loss of $101.9m and saleable coal of 8.9Mt. Management expects thermal coal price improvements to continue.
18 Aug 2016half year report▼ Bad
Half-year loss to 30 June 2016 was $180.4m (H1 2015: $145.4m) on revenue of $465.6m, down 27%. Net tangible assets per share fell to negative $0.74 from negative $0.57. No dividend. Austar 2014 incident: no prosecution. Watagan control loss confirmed.
26 July 2016admin correction● Neutral
Correction to the June quarter report's sales split: metallurgical coal 1.96Mt, up 8%, and thermal 2.78Mt, down 7%. The rest of the report is re-released unchanged.
20 July 2016quarterly activities report● Neutral
June quarter saleable output was 3.88Mt, down 8%, and sales 4.74Mt. Abel stopped and Donaldson went to care and maintenance. Moolarben output rose 46%; first Stage Two underground coal came in April. Austar longwall restarts in July. Stratford Duralie remains hampered by geotechnical problems.
27 May 2016agm notice● Neutral
Chairman's AGM speech, delivered in his absence, repeats the 2015 loss of $291.2m and the US$950m bond deal, and says Moolarben Stage Two was delivered on time and on budget. It says Yancoal is yet to reach profitability. Quoted output figures differ from the reported 15.26Mt.
2 May 2016regulatory community update▼ BadMajor
Donaldson moved to care and maintenance effective 2 May 2016, after mining at Abel underground stopped, resolving the March plan. Most employees were redeployed to Austar and Ashton. Feasibility studies continue on possible new underground areas.
27 Apr 2016admin correction● Neutral
Corporate governance compliance checklist lodged alongside the annual report, pointing to where governance disclosures sit. It contains no financial or operational news.
27 Apr 2016annual report● Neutral
The 2015 annual report repeats the known results: 15.26Mt saleable, 17.81Mt sales, $291.2m loss. It notes Yancoal ceased to control Watagan from 31 March 2016 while still managing the mines. Yanzhou holds 78.0% and Noble 13.2%.
20 Apr 2016quarterly activities report● Neutral
March quarter saleable output was 3.18Mt, down 9%, and sales 3.23Mt, down 11%. Control of Ashton, Austar and Donaldson passed to Watagan on 31 March. 2016 guidance of 13.0Mt is unchanged. Moolarben Stage Two underground first coal is due in the June quarter.
1 Apr 2016debt financing● NeutralMajor
The US$950m bond financing reached financial close effective 31 March 2016, as announced 17 February. Watagan Mining Company now holds Ashton, Austar and Donaldson, and Yancoal no longer controls it. Yancoal manages the mines under 10-year service contracts.
2 Mar 2016regulatory community update▼ BadMajor
Donaldson (Abel underground) will move to care and maintenance in June 2016 as feasibility studies begin. Mining drops from three units to two from 14 March, affecting 10 roles. About 11 of 103 staff remain. Extends the earlier Abel cutbacks.
29 Feb 2016annual report▼ BadMajor
Full-year 2015 loss was $291.2m on revenue of $1.32bn, versus a $353.5m loss in 2014. No dividend. Net tangible assets per share fell to negative $0.57 from $0.22. The Austar investigation is still ongoing. Two new subsidiaries were formed, including Watagan Mining Company.
29 Feb 2016investor presentation▼ Bad
Media release repeating the 2015 result: loss of $291.2m, operating EBITDA of negative $0.4m, 15.2Mt saleable coal. New information is 2016 guidance of 13.5Mt saleable (down from 15.26Mt in 2015) and capital spending of about $350m. Prices are expected to stay low.
18 Feb 2016debt financing● NeutralMajor
Yancoal will raise up to US$950m through nine-year secured bonds issued by a new subsidiary holding Ashton, Austar and Donaldson. Tranche 1 (US$760m) pays about 8.55%. Yancoal loses control of those mines but keeps managing them; Yankuang provides a put option. Closing expected by 30 April 2016.
20 Jan 2016quarterly activities report● Neutral
2015 saleable output was 15.26Mt, within the 15–15.5Mt guidance and down 9% on 2014. December quarter output was 3.71Mt, and sales were 4.96Mt. Austar and Ashton restarted consistent mining, and Stratford/Duralie moved to owner-operator. The SEOC appeal condition is noted.
20 Nov 2015regulatory community update▼ BadMajor
The NSW Court of Appeal upheld the condition on the Ashton South East Open Cut approval, so no development work can occur until Ashton buys a privately owned property in the mining area. Yancoal is assessing the impact; the project is planned at 3.6Mt a year for seven years.
30 Oct 2015regulatory community update● Neutral
Yancoal noted that the NSW Mine Safety Investigation Unit has published its report on the Austar incident. It says its own investigation into the April 2014 incident is still ongoing, and it will keep cooperating. No findings are given in the text.
21 Oct 2015quarterly activities report● Neutral
September quarter saleable output was 3.82Mt, down 12% year on year, as Abel and Austar were restructured; sales rose 10% to 4.39Mt. Moolarben Stage Two lease and plan are noted, and 2015 guidance is unchanged. The Ashton SEOC appeal ruling is expected in the fourth quarter.
14 Sept 2015regulatory community update▲ GoodMajor
NSW approved the Moolarben Stage Two Mining Operations Plan, completing the state approvals process. Yancoal can now develop two underground areas and a new open cut pit, taking the complex to up to 17Mt a year for 24 years.
3 Sept 2015regulatory community update▲ Good
NSW granted the mining lease for Moolarben Stage Two, covering 3,741 hectares, so Yancoal now awaits a Mining Operations Plan. The full complex could produce up to 17Mt a year for 24 years. The release gives Yancoal's JV share as 81%, versus 80% earlier.
20 Aug 2015half year report▼ Bad
Half-year loss to June 2015 was $145.4m on $634.4m revenue, with operating EBIT of negative $126.9m. Saleable output was 7.7Mt, and 2015 guidance of 15–15.5Mt is unchanged. Management expects flat markets and cites redundancies caused by weak prices.
