Coronado Global Resources (CRN) H2 2024 earnings summary

Executive summary

• Achieved significant operational improvements and ~$100 million annual cost reduction, including a 5% productivity increase and 30% headcount reduction at Curragh Complex, positioning for growth in the met coal market.

• Major growth projects (Mammoth Underground, Buchanan Expansion) began production ahead of schedule, with Mammoth first coal in December 2024 and Buchanan on track for Q2 2025 completion, expected to deliver 2.5–3.0 Mtpa incremental met coal by 2026.

• Removal of Stanwell rebate and contract expiry expected to uplift free cash flow by ~$200 million, unlock additional export capacity, and reduce costs.

Financial highlights

• Group revenue reached $2.5 billion, the third highest in company history, with 95% from met coal sales and an average met coal price of $185/tonne.

• Adjusted EBITDA was $115 million; free cash flow was $115 million for FY2024; $340 million in cash at year-end.

• Capital expenditure totaled $250 million in 2024, funding growth projects; $400 million in new senior secured notes issued (9.25% due 2029).

• $413 million paid in taxes, royalties, and rebates; operating cash flow was $74 million ($156 million excluding non-cash items and disputed stamp duty).

Outlook and guidance

• 2025 guidance: saleable production of 16–18 million tonnes, mining costs of $92–$105/tonne, and capex of $230–$270 million.

• Production increases expected in the second half of 2025 as Mammoth and Buchanan ramp up.

• Mining costs per tonne expected to decrease due to higher production and ongoing cost-out programs.

• Long-term market outlook remains positive, with met coal demand and prices projected to rise through 2050.