Coal miner Yancoal has released its 2023 half year financial result, announcing an 11 per cent decrease in revenue from 2022.
The miner cited the decrease in coal prices for the drop, which saw Yancoal bring in $4 billion in revenue compared to $4.8 billion in 2022.
However, the news was not all bad for Yancoal as the company saw an increase in production due to favourable weather and no external loans. It also increased its attributable saleable production by 44 per cent.
“The ceaseless efforts of the Yancoal workforce, both on operations and on safety are apparent in the way the key safety metric improved considerably,” Yancoal Australia chief executive officer David Moult said.
“At the start of the year, we described our need to rebuild mining inventory to underpin a sustainable return to prior years’ production levels.
“The plans and equipment are in place, and production is expected to continue improving in the coming months.”
Yancoal contributed $2 billion to the Federal and State Governments in both taxes and royalties in the past six months.
“In all market conditions Yancoal aims to maximise its margins by balancing volume, costs, coal quality and capital expenditure,” Moult said.
“Coal prices have retreated from the elevated levels of last year but remain robust in historical terms.
“Coal markets appear relatively well balanced, with seasonal or temporary supply and demand factors poised to determine short term price trends.”