Stanmore Resources Limited (ASX: $SMR) has reported a consolidated 2023 ROM production of 18.4Mt, saleable production of 13.2Mt, and total coal sales of 13.1Mt, exceeding the top end of the Guidance range. The company achieved a fully consolidated underlying EBITDA of US$1.1 billion and closed the year with a net cash position of US$126 million. Stanmore's CEO, Marcelo Matos, emphasized the company's commitment to maximizing shareholder returns through the declaration of a fully franked final dividend of US 8.4 cents per share in line with Stanmore's Dividend Policy.
Stanmore's 2023 financial performance has been strong, generating significant underlying EBITDA and operating cash flows. The fully franked US 8.4 cent final dividend for 2023 demonstrates our ongoing commitment to maximizing shareholder returns and application of Stanmore's stated Dividend Policy. The saleable production results for the year are a testament to the consistency and resilience of our operations, especially considering weather events experienced throughout the year and challenges associated with the rail network performance in the first half of 2023. The project expansion approvals at South Walker Creek and Isaac Plains Complex demonstrate the continued drive by Stanmore to maximize and accelerate shareholder value generation from our existing assets by implementing capital efficient organic improvement and growth projects.
Stanmore Resources has delivered a strong financial performance in 2023, with significant underlying EBITDA and a fully franked final dividend to shareholders. The company's commitment to maximizing shareholder returns is evident in its financial results and ongoing focus on strengthening the balance sheet through deleveraging. Stanmore's organic growth opportunities, including project expansion approvals at South Walker Creek and Isaac Plains Complex, reflect the company's drive to accelerate shareholder value generation. Despite the low steel margin environment, Stanmore remains confident in the metallurgical coal market fundamentals going forward, supported by the continued growth in steel production and industrialization of South-East Asia and India. The company is well positioned to benefit from ongoing supportive market conditions and potential upside in 2024 for its PCI products. Stanmore's commitment to health, safety, environment, and community initiatives further underscores its dedication to sustainable operations and stakeholder welfare.