Yancoal secures $570m from parent

AAP, The West Australian January 8, 2013, 12:22 pm

Chinese-owned Yancoal Australia has secured $US596 million ($A570.31 million) in funds from its parent company.

Yancoal Australia has arranged a five year loan facility with Yanzhou Coal - China's fourth largest coal miner - at what Yancoal described as an attractive interest rate.

"The loan provides confirmation of the support that our majority shareholder is willing to provide for Yancoal," Yancoal chief executive Murray Bailey said in a statement.

Yancoal joined the local share market in June 2012, after merging with Gloucester Coal, and owns several operating thermal and coking coal mines, both underground and open cut, in NSW, Queensland and WA.

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