Chinese resource company Yancoal reports $53m loss

CHINA-owned coal firm Yancoal has reported a loss of $53.1 million for the three months from July to September.

Its announcement follows an Australian Stock Exchange trading halt.

Yancoal told the ASX on Thursday it would deliver a five-year plan to its board in November before releasing its full-year results in February next year.

The arrival of Yancoal - which was the largest investment by a Chinese state-owned coal company when it was listed on the ASX in June - was greeted with much fanfare from the industry.

Queensland Resources Council chief Michael Roche trumpeted the confidence Yancoal had in Queensland coal industry to commit to such an investment.

Yancoal owns two mines - Yarrabee Mine near Blackwater west of Rockhampton and Cameby Downs Mine near Chinchilla - and holds a 50% stake in a Middlemount mine.

Topics:  asx business china finance mining industry money resources

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