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Yancoal Australia (ASX:YAL) has reported strong Q3 financial results, revealing the company had a cash balance increase of $430 million.
During the quarter, the company had a run of mine (ROM) coal production of 17.6 million tons, representing a 26 per cent increase in ROM coal volumes and a 24 per cent increase in attributable saleable coal.
“A notable uplift at our three large opencut mines underpinned this anticipated increase in
our production,” David Moult, CEO of Yancoal Australia, said in a statement. “This achievement keeps Yancoal on track to meet our operational guidance for 2024.”
Moult added an average coal price of AU$170 per ton was achieved during the quarter in addition to 10.4 million tons in sales lead to robust cash inflows. This lead to Yancoal Australia improving its financial position to $2 billion by the end of the quarter.
In terms of its 2024 production guidance, the company’s attributable saleable production fell between 35 million tons and 39 million tons, while cash operating costs fell between $89 to 97 per ton.
Meanwhile the company’s attributable capital expenditures fell between $650 million and $800 million.
Shares of Yancoal Australia last traded at $6.02.
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