Coal developer Yancoal Australia Limited
(ASX:YAL) has secured a $US300 million long term debt facility from its major shareholder Yanzhou.
Yancoal expects the loan facility will aid the company to fund working capital and capital expenditure.
The announcement comes just days after Yanzhou aborted its privatisation proposal for the company which was launched in the middle of 2013.
Yancoal’s shares tumbled following Yanzhou’s withdrawal, sinking more than 20 per cent yesterday to close at $0.455.
Yancoal Australia reported a net loss of $832 million in the full 2013 calendar year.
