Improvements in production, sales, costs and revenue for Coronado have been attributed to the company’s focus on improving “every aspect of the business”, according to chief executive officer Douglas Thompson.
Coronado’s total recordable incident rate for the half year ending June 30 was 1.01, a 14 per cent year-on-year improvement.
Half year expenditure hit $137 million, funded from the business’ operational cashflow, while organic growth projects at Buchanan and Curragh coal complexes remain on budget and schedule.
“In the first half of the 2023–24 financial year (FY24), the substantial investments we have made over the past 18 months to optimise and expand our mining operations in Australia and the US began to deliver tangible and promising results,” Thompson said.
“The dramatic cost and productivity gains at Curragh were made possible by the successful completion to plan of historical pre-strip waste deficit works and the subsequent removal of four fleets.
“This allowed for a sustained improvement in dragline productivity and drill and blast performance in the second quarter, setting new benchmarks for future performance.”
Thompson said Mammoth Underground, the company’s Australian coal growth project, continues to make good progress.
“First coal from Mammoth is expected in December 2024, subject to receiving regulatory approvals,” he said.
“Maximising returns from our portfolio of high-quality assets through expansion and ongoing productivity and cost improvement will further strengthen our balance sheet.
“With improving results and a positive outlook for the second half of the year, we have reaffirmed our previously announced FY24 guidance.”
Coronado’s FY24 guidance is 16.4–17.2 million tonnes for saleable production, $95–$99 per tonne for mining costs per tonne sold, and $220–$250 million for capital expenditure.
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