Half Year 2024 Coronado Global Resources Inc Earnings Call Transcript
Key Points
- Coronado Global Resources Inc (CODQL) reported significant production and cost improvements in both Australia and the US, with production increases of 24% and a reduction in mining costs per ton of 27% in Q2.
- The company maintains a strong balance sheet with healthy liquidity levels, allowing for continued investment in organic growth projects without the need for raising additional capital.
- Coronado's safety performance improved, with a 14% year-on-year reduction in the total recordable incident rate.
- The company is progressing well with its growth projects, expecting first coal from Mammoth in December 2024 and Buchanan expansions to be completed in Q2 2025, which will add up to 3 million tonnes per annum.
- Coronado declared a biannual fully-franked fixed dividend, reflecting its commitment to shareholder returns while continuing to invest in organic growth projects.
- The company experienced a tragic fatality at the Buchanan mine, which is under investigation, highlighting ongoing safety challenges.
- Coronado faced mechanical delays at its overland conveyor and bucket reclaimer, impacting coal flow in late July and early August.
- The elevated Queensland royalty regime continues to pressure earnings and cash flow, affecting the entire industry.
- The company reported negative free cash flow for the half-year, impacted by a one-off payment of debts related to stamp duty.
- Coronado's exposure to Russian coal imports into India and China poses a risk to met coal prices, potentially affecting future revenue.
Thank you, Darcy, and thank you, everyone, for joining Coronado's half-year investor call. Today, I'm joined by our Managing Director and CEO, Douglas Thompson; and our Group CFO, Gerhard Ziems.
Today, Coronado released its half-year financial results to the ASX and the SEC, including its Form 10-Q financial statements, half-year earnings release and results presentation. All of these materials are available for free on our website at www.coronadoglobal.com.
Within our results presentation, we again disclose our important notices and disclaimers and reconciliations of non-US GAAP financial measures. We encourage you to review these statements as well as other filings with the ASX and the SEC. As always, Coronado quotes all numbers in US dollars and metric tons unless otherwise stated.
With that, over to Douglas.
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