It's terrific YAL was able to reduce its cash operating costs per tonne of coal mined from A$96 to A$93. This is despite increases in wages and salaries, and the fall in the A$ that would have to be an adverse factor when purchasing mining equipment and consumables. Costs are volume sensitive so as YAL comments, the 2H 24 production increase helped.
The dividend only soaks up A$687 million compared to YAL's 31 December 2024 cash balance held of A$2,461 billion. The latter should be increasing at around A$4.5 million each calendar day.
YAL's cash operating margin of A$66 per tonne sold gives headroom even if thermal and metallurgical coal prices decline more.
The page 26 proposed capex for FY 25 of A$750 million to A$900 million is high but presumably essential to keep the mines portfolio competitive and efficient.
Page 31 shows the stark increases in Queensland coal royalties introduced by the then Labor (thieving) government but as yet not reversed by the new LNP government, the latter facing a very difficult budgetary position.
NSW royalties have also risen fairly substantially although at most coal sale price points they're well below Queensland's.
YAL Price at posting:
$5.74 Sentiment: Hold Disclosure: Held
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