Developments: Net income for the third quarter doubled to $553 million as production was ramped up to meet rising domestic demand. Top-line benefited from the 28% hike in coal prices during the July-September period. Recently, the company paid $682 million for the largest stake in Inner Mongolia Haosheng Coal Mining. This acquisition gives Yanzhou Coal Mining's access to 1.64 billion metric tons of reserves held by Haosheng.
The company expects net profit to increase 100% from a year earlier, due to higher sales and rising average price of coal. Output for 2010 is likely to increase by a third, driven by the takeover of the Australian mining company Felix Resources in 2009.
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