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China-backed Yancoal Australia reviews expansion plans

08-20-2012 14:06 BJT

SYDNEY, Aug. 20 (Xinhua) -- China-backed Yancoal Australia said on Monday that the company was considering all options to reduce costs.

In its 2012 first half year results presentation released on Monday, Yancoal said that it would review its expansion plans across all mines to ensure that the appropriate capital expenditure discipline is maintained.

Yancoal Chief Executive Officer Murray Bailey said the company' s focus on cost reduction was a response to lower coal prices.

"We are looking at all options to reduce costs, particularly discretionary costs and consulting costs with contractors across the organization," Bailey told analysts on Monday.

"We are reviewing the expansion plans across all of our mines and ranking them to ensure we have the appropriate capital expenditure discipline, going forward."

The Australian-based coal producer and developer operates open cut and underground coal mines in New South Wales, Queensland and Western Australia.

It reported a half-year net profit of 415.7 million AU dollars (434.34 million U.S. dollars) on Friday.

Yancoal is the biggest Chinese-controlled entity listed on the Australian Stock Exchange. Yanzhou Coal, one of China's largest international mining groups, owns 78 percent of Yancoal Australia.

At 1443 local time on Monday, Yancoal shares were one cent higher at 1.16 AU dollars.

 

Editor:James |Source: Xinhua

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