Coronado Global Resources (ASX:CRN) Announces 2024 Full Year Results
Financial Performance
Coronado Global Resources Inc. (ASX:CRN) reported total revenue of $2.5 billion for the fiscal year 2024. The company achieved an adjusted EBITDA of $115 million and generated $156 million in operating cash flows. As of December 31, 2024, the company maintained a closing cash balance of $340 million.
Operational Achievements
The company achieved approximately $100 million in cost reductions through fleet optimization and productivity improvements. Coronado successfully removed 55% of peak dragline waste over three years and increased productivity by 5% across all truck and excavator fleets. The Mammoth Underground Mine became operational, contributing over 3 million tonnes per annum from both Mammoth Underground and Buchanan expansion projects.
Growth Projects
Coronado is investing in the Mammoth Underground Mine and the Buchanan expansion, expected to deliver an additional 2.5 to 3.0 million tonnes per annum of metallurgical coal by 2026. The Buchanan expansion is on track to be fully operational by June 2025, enhancing storage and hoisting capacity to boost saleable production. These projects are projected to lower production costs and improve margins significantly.
Future Outlook
For 2025, Coronado targets saleable production of 16 to 18 million tonnes, with capital expenditure ranging between $230 million and $270 million. The company anticipates a decrease in mining costs due to higher production volumes and ongoing cost reduction initiatives. Coronado plans to continue optimizing existing assets and executing growth projects to support long-term value creation.
Market Position
Coronado’s high-quality metallurgical coal supports customers across five continents, with significant exports to Europe, Japan, India, Brazil, and the USA. The company is well-positioned to capitalize on the growing global demand for metallurgical coal, driven by increasing steel production and energy transition needs.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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