Its share rose by 2c to close at 9c yesterday, capping strong growth over the last week.

Yancoal said it has addressed the continuing pressures of the depressed market environment, maximising blending opportunities and yield to achieve strong production of 22.49 million tonnes of run-of-mine coal (equity basis) and 16.73Mt saleable product coal.

Yancoal CEO Reinhold Schmidt said: “Yancoal’s robust business strategy to improve our asset portfolio and strengthen our capital structure has driven the successful restructuring of our operations and continued development of our major projects throughout 2014.

“Under challenging global market conditions, we have significantly reduced operating costs, maximised operational efficiencies and established new blending opportunities across New South Wales to create greater value for our existing assets and pipeline of future projects.”