Yancoal Australia gets $300 mln debt facility from China's Yanzhou

SYDNEY, March 26 (Reuters) - Yancoal Australia Ltd YAL.AX said on Wednesday it arranged a $300 million long-term debt facility from its majority owner, China's Yanzhou Coal Mining Co Ltd 600188.SS , to fund working capital and capital expenditure.

The debt facility comes two days after state-backed Yanzhou ditched a plan to buy out the minority 22 percent stake in its Australian arm, boding ill for an industry that has been trying to get back on its feet.

Yancoal Australia has successfully arranged a $300 million long-term loan facility from Yanzhou, with an agreed first tranche of $100 million followed by a later tranche of $200 million, the company said in a stock exchange filing.

(Reporting by Maggie Lu Yueyang. Editing by Andre Grenon)

((maggie.luyueyang@thomsonreuters.com)(+61 2 93731819)(Reuters Messaging: maggie.luyueyang.thomsonreuters.com@reuters.net))