Yanzhou sales slip

YANZHOU Coal Mining has shaved its sales target for the year in the wake of falling profits for the March quarter.
Yanzhou sales slip Yanzhou sales slip Yanzhou sales slip Yanzhou sales slip Yanzhou sales slip

The Austar longwall at Cessnock, New South Wales.

Angie Tomlinson

According to a Reuters report, Yanzhou dropped its 2009 sales target to 35.5 million tonnes, down 6.7% compared to last year.


Coal exports are expected to hit about 500,000t for the year.


Reuters said the company’s first quarter profit fell by 48.5% to 831 million yuan ($US121.8 million).


"In view of the challenges ahead, we will speed up the construction of current projects and keep looking for new investment opportunities in both domestic and overseas markets ... so as to expand our coal mine assets and increase our sustainable development capability," chairman Wang Xin said in a statement.


Yanzhou already has overseas investments, including the Austar longwall top coal caving in New South Wales, Australia.


It is also rumoured to have shown interest in Australian mid-tier coal player Felix Resources.

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