Coronado Global Resources reports quarterly performance

Coronado Global Resources Inc. (ASX: CRN) announced robust results from its U.S. operations for the September quarter of FY24. The company achieved a Run of Mine (ROM) production of 6.3 million tonnes and sales of 3.9 million tonnes, despite facing challenges in Australia. Coronado completed FY25 contract negotiations for North America, securing a price of $159 per metric tonne for Met Coal.

Coronado Global Resources quarterly summary

Coronado Global Resources Inc. reported solid performance from its U.S. operations in the September quarter of FY24, while its Australian operations faced setbacks due to mechanical issues and high rainfall. The company produced 6.3 million tonnes of ROM coal and sold 3.9 million tonnes. They secured a favorable contract price of $159 per metric tonne for FY25 Met Coal. Coronado's revenue for the quarter reached $608 million with a $176 million cash balance. The issuance of $400 million in Senior Secured Notes improved liquidity and debt conditions. While the Australian operations experienced a 30.8% decrease in ROM production, organic growth projects remain on schedule. Coronado revised its FY24 guidance, anticipating lower production and higher costs per tonne due to these challenges. Looking forward, the company expects market improvements in the December quarter.

Executive commentary on quarterly results

The U.S. operations performed strongly, with increases in both ROM production and saleable production compared to the previous quarter. Specifically, Buchanan and Logan mines contributed to the improvement.