My takeaways from the announcement are as follows:I think...

My takeaways from the announcement are as follows:

• I think Yancoal's debt post $US1.0 debt repayment is around $A1,270m. Cash is around $A1,790m. So the net cash position is around $A520m (post repayment).
• Production and coal sales in the Sept Q are weak. I think saleable production for FY22 will fall below the bottom of the guidance range $31 million tonnes (mt). Given more rain over the next 4 days will not help production. I think the likely outcome is production could be closer to 30mt than 31mt for FY22.
• The average realised price of $A481 is fantastic (more than offsetting weak production).
• I estimate NPAT for the SQ of around $1.5b - another massive number after an estimated 1.3b in the JQ.
• Prices largely locked in for the DQ 2022. Combined with higher sales in the DQ 2022 (say 7.8mt in DQ compared with 6.7mt in the SQ) means that the DQ result will also be massive (my guess NPAT of around $1.7b and cash flow in excess of $2b in the DQ).
• Coal prices look like remaining at elevated levels into 2023. Weak production from the Australian coal miners helps keep prices high.
• I wonder what the final FY22 dividend might be to be announced in Feb 2023. My optimistic guess is $1.50 per share partly franked.This means that Yancoal will be paying about $2.0b in dividends (about the same as Yancoal's DQ 2022 cash flow). This guess assumes they don't make an acquisition in the meantime.