Coronado (ASX:CRN) shares jump over 10% today; here’s why

2 min read | November 02, 2022 04:14 PM AEDT | By Bhawna Gupta

Coronado (ASX:CRN) shares jump over 10% today; here’s why — Image source: © 36clicks | Megapixl.com

What's in Coronado's September quarter report?

A record year-to-date (YTD) 2022 group revenue of US$2,854 million, up 107.8% from YTD 2021 group sales of US$1,374 million, was disclosed by Coronado in its ASX filing. Due to lower pricing, the company's group revenue for the September quarter was US$875 million, a 15.3% decrease from the prior record-setting June quarter.

As of 30 September 2022, Coronado had net cash of US$386 million and closing cash of US$699 million. It listed a US$140 million YTD 2022 group capital expenditure.

The company also disclosed in the ASX filing that its group average mining costs per tonne sold for the first half of 2022 were US$87.6 per tonne, primarily due to sustained high inflationary pressures and production disruptions from wet weather at Curragh.

Coal sales

Coronado’s sales volumes for the September quarter increased 4.8% from the June quarter to 4.1 Mt.

Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 31 October 2022

Spindler added that the company's US operations produced and sold more in a quarter than at any other time this year. Spindler remarked that the rock intrusion that caused geological problems in the previous quarter at the Buchanan mine is now behind the company. According to Spindler, Coronado started mining at Logan at its new Winifrede mine, and production rates have stabilised as a result of better labour availability.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.