Coronado shares rise on quarterly production and sales boost
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More news: Coronado Global Resources rallied on the ASX as production and sales gains in the June quarter were offset by lower prices for metallurgical coal.
Coronado shares were up 5.2% to $1.32 by 11:55am AEST.
Weaker prices weigh on Coronado half-year result
The news: Lower prices have weighed on metallurgical coal miner Coronado Global Resources’ performance despite higher production in the June quarter.
The numbers: June quarter production rose 24% from the prior quarter to 7.4 million tonnes but was largely flat from a year ago.
Sales volumes were up 8.3% on quarter to 4.1 million tonnes. Realised metallurgical coal price of $194.7 per tonne was 5% lower on the March quarter, and down 13% on a year-to-date basis, resulting in quarterly revenue of $674 million.
The context: Coronado's Curragh South and Curragh North mines in Queensland supply met coal to steel makers in Asia, Europe and South America while the thermal coal is sold to Stanwell Corporation to generate electricity. The quarter included a suspension at its Buchanan complex operation due to a fatality.
Coronado CEO Douglas Thompson said the company is continuing to press for further operational and cost gains in the coming quarters “via productivity improvements and the development of our organic pipeline".
The source: ASX announcement
