Coal miner Yancoal Australia (ASX:YAL) has appointed Reinhold Schmidt as the new chief executive officer of the company, commencing on Monday 26th August.
In NSW Yancoal operates the Moolarben mine near Mudgee in the NSW central west; Ashton, Austar, Abel, Tasman and Donaldson mines in the Hunter Valley; and Duralie and Stratford in the Gloucester region north of Newcastle.
In August, Yancoal announced a loss after income tax for the half-year ended 30 June 2013 of $749.4 million.
The loss was mainly attributable to a net unrealised foreign exchange loss of $492.7 million on the conversion of US dollar denominated debt resulting from the weakening of the Australian dollar against the US dollar and an impairment of mining tenements amounting to $343.0 million.
Operating EBIT for the half-year ended 30 June 2013 was a loss of $109.3 million.
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