Coal mine China, Yanzhou reports gain from exploration of coal at first quarter 112.73 percent, the gain result of exploration 149 billion yuan or $213.13 million. Improvement of this gain caused sale market of coal experiences improvement.

On file report at Shanghai Stock Exchange, earnings of operation 555 billion, earnings of Yanzhou 46.97 percent, while operating costs exploration increases 31.44 percent or 238 billion yuan.
Sale earnings of Yanzhou at first quarter average of 59943 yuan per coal ton, increases 4589 percent. At local market the price of coal average of 60087 yuan per ton, while global market average of 48715 yuan per ton. Its selling costs fell 38.9 percent to 125.09 million yuan.

Earnings per share came in at 0.303 yuan during the quarter, against 0.14 yuan per share a year earlier.

It projected first half net profit of over 100 percent due to higher coal prices. Yanzhou Coal booked a net profit of 1.11 billion yuan in the first half of 2007.

The company has contracts for the sale of 9.51 million tons of coal in 2008 with average prices up 38.10 percent, it said earlier.

It plans to sell 34.4 million tons of coal overall, including exports of 500,000 tons.
Unit Shanxi Nenghu’s methanol project, with an expected annual yield of 100,000 tons, will enter production in the second quarter, while another 600,000 ton-capacity methanol project in Yulin will start production in the second half, it said.

Yanzhou Coal said the two methanol projects will boost profits as prices of methanol products are expected to rise further in 2008. It is also seeking coal mine investment opportunities in China and overseas.