Stanmore chief hails pivotal year

Stanmore Resources chief executive officer Marcelo Matos has highlighted the company's transformational year in his AGM address . The Isaac Plains operator has grown in 12 months from being a business with a single contractor-operated mine producing about 2.4 million tonnes per annum, to holding portfolio of four mines and three coal processing plants with production capacity greater than 13Mtpa. Chief executive officer Marcelo Matos. Its assets include three draglines and a large fleet of mobile mining equipment and extensive land holdings, and 171 million tonnes of marketable reserve base and a strong resource base of over 2.8 billion tonnes. "The acquisition of 80 per cent of BMC that we announced in November 2021 comprising the South Walker Creek and Poitrel mines and the Wards Well development complements our existing operations at the Isaac Plains Complex and have transformed Stanmore into a significant global producer and exporter of high quality metallurgical coals," Mr Matos said. "We successfully completed the transaction earlier this month, and we are making good progress in integrating these assets and teams. "They are world-class assets that are well capitalised and have long operating lives. They have been well managed over the years and we are delighted to welcome a workforce of experienced and capable people into the Stanmore family." Stanmore also holds a 50 per cent stake in the Millennium and Mavis Downs mine through its MetRes joint venture. "The mine was in care and maintenance when we acquired our interest, and we moved quickly to re-startmining operations in the third quarter and deliver the first coal shipment in Q4 2021," Mr Matos said. " We are now progressing towards our Mavis underground project, expected to ramp up from 4Q 2022." Mr Matos said metallurgical coal remained a well-supported market, based on growing demand for steel,while supply remained tight. "Whilst there remains a risk from global inflationary pressure and some near term divergencebetween Chinese and Rest of World steel markets, steel demand remains robust and order books forour products with reliable global customers are very strong," he said. "Stanmore offers high quality products readily accepted in all global markets, and is now one of thelargest individual producers and exporters of high quality PCI coals worldwide. "We are well positioned to capture the benefits of strong demand and pricing, as well as to respond to anypotential adjustment required in trade flows that may result from geopolitical or policy reasons. "We expect strong performance and cash generation from the enlarged Stanmore business in theremainder of CY 2022, resulting in healthy expected returns to shareholders going forward."

Stanmore chief hails pivotal year

Industry Queensland

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