Yancoal's cold prospects

Yancoal has borne the brunt of the global oversupply of coal and a weakening Australian dollar, driving the company into a heavy loss.

Yancoal’s ASX statement does not make pleasant reading for those long on the stock or coal. The company’s $1.04 billion loss in the first six months of 2013 occurred despite increased coal sales. Yancoal warns coal demand is flat at best. Oversupply is still the name of the game for both thermal and metallurgical coal. The Australia’s dollar’s slump against the US currency, down 14% since April 11, has alleviated some pressure, but “production cuts are required to underpin sustainable price recovery”, said Yancoal.


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