HK listed coal companies well placed on China cost curve
We estimate Hong Kong listed Chinese coal companies to be positioned in the lower end of the Chinese cash cost curve, with a weighted average ex-mine total cash cost of CNY171/tonne. The seven Hong Kong listed Chinese coal companies are well placed due to favorable geological conditions at their operations, reasonable gas levels and good access to infrastructure. We estimate Inner Mongolia Yitai's total cash cost (ex-mine) to be the lowest amongst its Hong Kong-listed peers. China Qinfa's...