Coronado Global Resources update on FY24 guidance

Coronado Global Resources Inc. (ASX:CRN) has updated its market guidance for the financial year ending 31 December 2024 ('FY24'). The update follows the impact of required mechanical repairs to the overland conveyor at the Curragh Complex and subsequent rainfall levels more than 3 times the 10-year monthly average for the area. The company anticipates a more conservative production forecast for Q4 FY24 due to the elevated rainfall levels and plans to temporarily idle an additional fleet at the Curragh Complex in October 2024 to mitigate weather impacts.

Executive commentary on FY24 guidance update

Douglas Thompson, Managing Director and CEO, stated, 'Today we advise the market of changes to production and cost guidance for FY24. The impacts from wet weather and subsequent deferral of production to FY 2025 do not derail our short-term strategic objectives which remain on target, to complete our organic growth projects at Buchanan and the Mammoth Underground at Curragh. These projects we expect will deliver substantially higher production rates from FY 2025 and will significantly de-risk our operations against weather impacts, mechanical issues and bottlenecks in the future.'

Summary of FY24 guidance update and outlook

Coronado Global Resources Inc. has revised its FY24 guidance, anticipating a more conservative production forecast for Q4 FY24 due to the elevated rainfall levels at the Curragh Complex and the anticipated La Nina weather pattern. The company plans to temporarily idle an additional fleet at the Curragh Complex in October 2024 to mitigate weather impacts. Despite the challenges, Coronado remains committed to its organic growth projects at Buchanan and the Mammoth Underground at Curragh, expecting substantially higher production rates from FY 2025. The company aims to de-risk its operations against weather impacts, mechanical issues, and bottlenecks in the future. Coronado's U.S. business unit is expected to provide a balancing influence on the exposure to Queensland royalties, while the company continues to progress with its expansion plans at Buchanan.