Half Year 2024 Stanmore Resources Ltd Earnings Call Transcript
Key Points
- Stanmore Resources Ltd (STMRF) produced 6.8 million tonnes of saleable coal in the first half of 2024, significantly higher than the first half of 2023.
- The company declared an interim dividend of 4.4 US cents per share, totaling USD40 million, demonstrating a commitment to shareholder returns.
- Stanmore Resources Ltd (STMRF) maintained a strong and diversified sales book, with significant sales to European, Japanese, Korean, and Taiwanese markets.
- The company reported a strong balance sheet with net cash of USD192 million, an improvement of USD66 million over the half-year.
- Stanmore Resources Ltd (STMRF) secured binding commitments for a new USD350 million term loan and USD100 million revolving credit facility, reflecting improved financial stability.
- The company's serious accident frequency rate increased from 0.1 in December 2023 to 0.48 in June 2024, indicating a concerning trend in safety.
- Total revenue was down just over 10% compared to the prior comparative period, primarily due to lower coal prices.
- The market for premium grade hard coking coals softened, reducing from almost USD340 per ton in early January to the low two hundreds in recent days.
- Stanmore Resources Ltd (STMRF) faced higher leasing costs compared to the comparative period, impacting overall cash outflows.
- The company experienced logistical constraints and timing issues, particularly affecting the Isaac Plains complex, which saw lower comparable saleable production for the first half.
Morning, everyone, and thank you for joining the call today as we present our 2024 half year results. I'm joined here by by Shane Young, our CFO, with me today, on behalf Stanmore.
I'd like to begin today by acknowledging the traditional owners of the land on which we meet the turbo and jogger of Peoples here in May and June. Brazil. We also acknowledge the traditional custodians of the lands on which our operations are based, but other Bina Tonga and the with the peoples of central Queens opening the presentation with the highlights of the first half from slides sorry, starting with safety. And as previously reported in our June quarterly, our safety record saw an uptick in our series accident frequency rate from 0.1 0.9 as of December '23 to 0.48 as of June '24. This is obviously not the trend we want to be seen in our business, but we are nonetheless confident by the fact that the uptake has been related to one the injury that, although categorized as serious was far from considered potentially fatal and we are
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