Yancoal Australia Limited
(ASX:YAL) has told investors it will continue to cut costs amid difficult global coal market conditions.
Speaking at the company’s annual general meeting, Chairman Weimin Li said production will lift from 14 mega tonnes in 2012 to about 24 mega tonnes by 2017 – a 70 per cent boost.
He says work will continue to advance at the company’s major growth projects Moorlarben and Ashton.
Mr Li says improved management systems should lead to better profitability as well as the company’s commitment to its long term growth plan.
The company flagged 2012 as an extremely active and challenging year, given the volatile global economic environment and deteriorating coal prices.
Yancoal generated a net profit of $404.6 million in its 2012 financial year.
