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On 23 January 2019, Coronado Global Resources Inc. (ASX:CRN), a mining company has announced its December 2018 Quarterly Report which resulted in its share price fall by 2.013% by the end of trading session on 23 January 2019.
As stated by Coronadoâs CEO Mr. Gerry Spindler, that they are grateful to present the December Quarterly Report. Some of the updates are mentioned below.
During the year, the company has acquired Curragh, and due to that, the companyâs total production accelerated from 8.0Mt in FY17 to 20.2Mt in FY18. The company has made significant progress in integrating the asset into the broader business, while driving operating efficiencies through enhanced dragline performance, and the company also developing additional strategies so that they can further expand their production and capitalize on the value of the incremental tonne.Â
In August 2018, the company acquired SRA and due to that now company can access an additional 318Mt of Resources. SRA will deliver a material near term uplift in production. ROM coal production for the Quarter was 7.5Mt, over the prior quarter which was 7.9Mt. The fall in ROM coal production was due to unplanned maintenance in Curragh as well as lower thermal coal production at Logan. As an outcome, saleable production for the December quarter of 4.9Mt was 3.9% below the September quarter.
The companyâs sales volumes for the December quarter stood at 5.0Mt, (over the prior quarter which was 5.3Mt). The main reason for fall in sales volumes was rail network disruptions in Queensland including its track maintenance, bush fires, and industrial action. In December quarter, realized met coal price for Curragh was $151.80. The US operations realized a met coal price of $106.50.
FY18 Operational Performance: The companyâs ROM production for the year stood at 30.9Mt in FY18, (over the prior year which was 30.8Mt). The rise in ROM coal production was due to improved operating performance and efficiencies achieved across the Curragh and Buchanan operations. The total saleable production the year was 20.2Mt. Production at Curragh and Buchanan, accounted for 83.2% of total production.
Total sales volumes for the year was 20.1Mt, over the prior year which was 20.8Mt as a result of the Queensland rail disruptions in the December quarter. This fall represents a timing difference, and it is expected to be recovered in FY19.
In FY18, the weighted average realized met coal price (FOB) for Australia was USD 154.3 per tonne, (over the prior year which was USD 147.7 per tonne). The US operations weighted average realized met coal price (FOR) stood at USD 107.1 per tonne, over the prior year which was USD 95.7 per tonne).
Stock performance: The shares of CRN closed the dayâs session at A$2.920 (23 January 2019), down by 2.013%. The shares are trading flat today at A$2.920 with 966.57 million outstanding shares and the market cap of circa $2.88 Billion. The stock has delivered the negative return of 18.89% over the past three months. During the last one month, CRN delivered the negative return of 2.67%.
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