Mining costs, taxes, low coal prices weigh on Yancoal's profits

摘要

Perth - Yancoal Australia, a 78%-owned subsidiary of Chinese coal miner Yanzhou Coal, posted a loss before tax and non-recurring items of A$9.6 million ($9.8 million) for the year ended December 31, compared with a pre-tax profit of A$440 million in 2011, the Australian-listed coal company said in a report Thursday. Lower coal prices, a strong Australian dollar, increased operating costs and payments for unused port and rail capac- ity were responsible for the significant decline in pre-tax profit year on-year, said the company.