Coronado rises 2.8% on strong YTD revenue

The news: Shares in metallurgical coal miner Coronado Global Resources are printing a fourth day of gains after a quarterly update detailed higher sales despite a drop in production.

The numbers: Coronado shares were trading 2.8% higher at 1:10pm AEDT on Friday at $1.747, after the miner announced year-to-date revenue of $2.2 billion, its second-highest on record. Group revenue for the September quarter was $718 million. Saleable production was down 19.2% on the previous quarter, but Coronado managed to lift the quarter's sales 3.4% by drawing on stockpiles.

The context: Coronado shares have been on a slow upward grind since reaching a 2023 low in June, as the company trudged trough a period of low metallurgical prices that began in Q3 2022. Last month, Czech-based investment group Sev.en Global Investments agreed to buy a controlling stake in the miner for an undisclosed price.