This included $226.7 million of impairment charges and $258.7 million of foreign exchange movement on the outstanding US dollar loans.

Revenues for the year were slightly higher at $1.5 billion.

Saleable coal production and sales for 2013 reached record levels of 16.9 million tonnes and 17.0Mt respectively for Yancoal. A number of the mines generated new operating and sales records for the year, including Moolarben, Yarrabee and Middlemount.

Open cut mine Moolarben delivered record production. This low-cost operation is ready to expand subject to receiving development approvals.

Yarrabee also delivered record production and greatly improved productivity.

Middlemount successfully transitioned to owner-operator and is also achieving greater productivity.

Austar is ready to mine their new Stage 3 area after a four-year development program and a number of operations have been downsized in an “orderly manner to match current market conditions”

“Given the recent history of growth through acquisition, Yancoal has worked on developing the ‘Yancoal Way’: building the right operating culture, systems and supporting infrastructure across all operations,” the company said.

“This process will continue into 2014 with further integration of businesses and roll-out of standard policies and platforms across the Group.

“In terms of business improvement, the portfolio delivered significant gains in productivity, cost reductions, volume increases, safety performance and environmental improvement.

“The company has worked hard to embed these gains through processes and frameworks including our Group-wide ‘LEAN’ transformation process.”

Guidance for saleable production in 2014 is a range of 16.5Mt – 17.0Mt.