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February 20, 2025 - The news: Shares in Coronado Global Resources sank after the coal miner swung to a full-year net loss of $108.9 million, down from net income of $156.1 million a year earlier.
The numbers: Coronado shares were down 6.6% to 56.5 cents at 2pm AEDT, having shed nearly 60% over the last 12 months. Total revenue fell 13% year on year to $2.51 billion due to lower average metallurgical coal prices. The miner said it saw an 18.9% fall in average met coal index prices during the year. Saleable production edged down from 15.8 million tonnes (Mt) to $15.3 Mt, while sales volumes were flat at 15.8 Mt. The context: Coronado said the result followed "a year of declining met coal prices that fell below long-term averages". It said the company was "challenged by sustained inflation, taxes and royalties, unscheduled asset stoppages, and some unforeseen geotechnical events in both Australia and US." However, it noted that the opening of its Mammoth underground mine in Queensland in December was a "major milestone" in the company's growth portfolio, expected to deliver lower cost production, increased margins and expandability over the long term. Coronado shares surged last month after the miner boosted production in the December quarter and forecast a rebound in steel demand in 2025. |
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