Yancoal (ASX:YAL) announce cap for 2020 POSCO coal sales

Company News

by Rachael Jones

Yancoal (ASX:YAL) released a statement to the ASX yesterday announcing that the maximum value cap for the transactions under the 2020 POSCO Coal Sales Agreements for the period from 1 January 2021 to 31 March 2021 will not exceed a cap of US$150 million.

This cap was calculated by reference to the historical transaction amounts, the expected demand for coal from POSCO and/or its associates for the three months ending 31 March 2021.

Other factors were the estimated sale price for the coal the Group typically charges and the estimated sales volume of approximately 0.675 million tonnes of coal for the three months ending 31 March 2021, based on the spot opportunities that may exist.

Shares in Yancoal (ASX:YAL) closed 1.05 per cent higher at $2.89 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.