Yancoal shares rise on increased production volumes
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The news: Yancoal shares gained on the ASX after the coal miner reported a rise in production volumes during the September quarter after market close on Thursday.
The numbers: Yancoal shares were up 2.9% to $6.20 by 12:55pm AEDT, having advanced more than 25% since January.
Yancoal increased run-of-mine coal volumes by 26% quarter on quarter. Its attributable saleable coal volume rose 24%.
The company recorded an average realised coal price of $170 per tonne for the quarter, comprising a 4% lower realised thermal coal price and a 19% lower realised metallurgical coal price compared to the previous quarter.
The context: The coal miner said its increased production rate over the quarter reflected the second-half weighted production profile it expected.
It noted that short-term influences continue to impact indices and market sentiment in thermal coal markets. In recent weeks, Middle East tensions and a hotter-than-average summer in the northern hemisphere provided price support, Yancoal said.
Yancoal's 2024 production guidance remains unchanged.
The source: ASX announcement
