News: YAL UPDATE 1-Yancoal Australia prepays $333 mln debt after high coal prices boost cash flows

(Updates with more details and context)

March 31 (Reuters) - Coal miner Yancoal Australia (YAL) said on Friday it has completed the early debt repayment of $333 million, as indicated in its 2022 financial results, after high coal prices supported the company's cash flows.

Global coal prices have touched record highs in the recent past due to fears of a supply crunch amid Western sanctions on Russia, before easing towards the tail-end of 2022.

"Yancoal's scale of production provides substantial cash inflows during periods of elevated coal prices," said David Moult, chief executive officer at Yancoal.

The company's total debt repayments are now up to $3.0 billion in the last 18 months. After Friday's payment, the company has no interest-bearing loans and added it is expected to reduce about $43 million in total finance costs over the loan period.

In 2023 alone, Yancoal's total debt repayments will result in A$300 million ($200.46 million) in finance costs savings, the company added.

($1 = 1.4966 Australian dollars)