Yancoal Reports Huge Loss

Yancoal Australia, controlled by one of China’s biggest coal miners, reported a first-half loss of $688 million. During the same period last year, the company saw profits of $410 million. Yancoal, which is 78%-owned by Yanzhou Coal Mining Co., will bring a net loss of about $534 million to its parent company. Falling coal prices and the depreciation of the Australian currency were two factors for the huge loss.