Yancoal mining jobs safe with $2bn+ cash injection - iMINCO Mining Training Information

Yancoal mining jobs safe with $2bn+ cash injection

Coal price drops don’t stop billions of dollars of Yancoal investment in Australia

Mining job security – the big winner in Yancoal cash investment strategy

Yanzhou Coal, one of China`s largest coal miners, is expected to ‘tip in’ $2.8 billion ($A3.2bn) into its Australian coal mining subsidiary Yancoal, in an effort to keep mining operations running and help save mining jobs, as coal prices continue to struggle.

Yancoal has seven mines in Australia, and recently the company made a statement saying it intends to raise $A2.3 billion through a subordinated capital notes rights offer to pay down its current debts, as well as use the cash to fund its existing mining operations in Australia.

Welcome news for Australian mining jobs

This is welcome news for the thousands of people employed by the company across its many mines.

The Chinese group, which owns 78 percent of Yancoal, has said it will “ensure Yancoal remains solvent,” for as long as it remains the majority shareholder.

It’s not been easy for Yancoal as it struggles to maintain it’s mining operations and Australian mining jobs – it hassuffered even bigger losses than its closest mining rivals New Hope Coal and Whitehaven Coal.

The global coal industry is in a slump at this time and coal markets have been battling a glut of excess tonnage hitting the market from mining operations in hubs like Australia.

The global trading price of thermal coal which is used to create electricity, and metallurgical coal which is consumed by steelmakers, has beenweakening for some time now.

This package of funding injection comes after Yanzhou Coal ditched a plan to buy out the minority 22% stake in its Australian arm earlier this year.

Build your knowledge on the mining and resource sector . . .it’s not a difficult task. It may take an hour or so to gather the right information and it will dramatically increase your career opportunities because knowledge is one of the best cards you can have up your sleeve no matter what you do in life.

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Learn more about the Bowen Basin mining location.

The Bowen Basin contains the largest coal reserves in Australia. This major coal producing region contains one of the world’s largest deposits of bituminous coal.

The Basin contains much of the known Permian coal resources in Queensland including virtually all of the known mineable prime coking coal. It was named for the Bowen River, itself named after Queensland’s first Governor, Sir George Bowen.

The Bowen Basin covers an area of over 60,000 square kilometres in Central Queensland running from Collinsville to Theodore and is dotted with many coal mines operated by multiple mining companies.

Caterpillar Haul truck 793

Caterpillar Haul truck 793

The 793F has a load cpacityof 226.8 ton (US) and a top speed of 60 kilometres an hour. It's a turbocharged air-to-air aftercooled diesel engine that has enhanced power management capability for maximum hauling performance. The C175-16 is a 16-cylinder, four-stroke design that uses long, effective power strokes for optimum efficiency.

The 793F, is an autonomous-driven truck. Over 100 793F trucks are now operating via Command for hauling, the Cat autonomous truck operations system, which is a part of Cat MineStar™

Read more about the CAT 793 automomous mining dump truck on our website.

Resources and Infrastructure Industry (RII)

Commonly refered to as Black Coal Competency (BCC), the RII competency is one that can be attained by an operator who has previously worked in the industry and has completed a number of operating hours on various types of machinery.

RII competency is granted to prove correct and safe operation of mine site machinery. It is a very useful qualification to have, as it confirms the operator has the required experience and expertise.

Find out more about RII Competencies here

You can transfer your nationally recognised civil Excavator, Front End Loader or Dozer tickets only to RII Black Coal Competencies.

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