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Coronado Global Resources (ASX: $CRN) reports strong safety performance and increased coal production

Coronado Global Resources (ASX: $CRN) Quarterly Report December 2023


Coronado Global Resources Inc. (ASX: $CRN) reported a strong safety performance with a Total Recordable Injury Rate (TRIR) of 0.77 as of 31 December 2023, marking a 45.4% improvement over the prior year. The Group's ROM coal production for the December quarter increased by 3.3% to 6.1 Mt, and the saleable production increased by 6.4% to 3.9 Mt. The company achieved the second highest annual revenue in its history, with FY23 Group revenue reaching $2.9 billion. Coronado's organic growth projects are fully funded, and the Buchanan expansion works and Curragh Underground project remain on target.

CEO Douglas Thompson's Message


Coronado's CEO, Douglas Thompson, expressed satisfaction with the company's performance despite the severe weather events and rainfall in Queensland during the fourth quarter. He highlighted the substantial progress on organic growth projects and the completion of major milestones under the 'One Curragh Plan'. Thompson expressed excitement for the short- and long-term projections for the business, emphasizing the expected cost and operational efficiency benefits at Curragh and the progress on growth projects, all fully funded from the company's generated cash without the need for additional debt or equity raising.

Outlook and Corporate Strategy


Coronado's strong safety performance and increased coal production demonstrate its commitment to operational excellence. The company's ambitions for FY24 include realizing cost and operational efficiency benefits at Curragh, advancing organic growth projects, and ensuring greater utilization of longwall mining systems at Buchanan. With fully funded growth projects, Coronado aims to achieve higher production, higher margins, and lower costs per tonne in FY24 and beyond. The company anticipates continued strong demand from China and India, supporting Met coal prices in Q1 2024. Coronado remains committed to its emission reduction targets and rehabilitation works, positioning itself as an industry leader in sustainable mining practices. The upcoming release of the 2023 Annual Report on Form 10-K and market guidance for FY24 on 20 February 2024 (AEST) will provide further insights into the company's future prospects.

Sourcehttps://announcements.asx.com.au/asxpdf/20240123/pdf/05zn7fdwktlxs0.pdf

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