- CNTV English - CCTV News

Homepage > News > Biz >

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

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program