Bumper coal prices helped Curragh mine owner Coronado Global Resources clock up a 47 per cent increase in revenue last year to about $AU3 billion.

Adjusted EBITDA reached $672.4 million ($US486.1 million), up 804 per cent due to the higher met coal price environment.

Coronado has coal mines in the Central Appalachian region of the US, as well as Curragh mine near Blackwater in the Queensland’s Bowen Basin.

“As we look to 2022, the prospect of prolonged higher met coal prices is apparent as demand for steel
continues to rise and outstrips supply in the short term,” managing director and chief executive officer Gerry Spindler said.

“Coronado is targeting improved production rates in 2022 to take advantage of higher prices, continue to focus on cost control, and work to strengthen all aspects of our business so that we can take advantage of opportunities as they arise and prepare the company for the next phase of growth,.”

In its 2021 full year results, the company noted that saleable production at Curragh last year (11.1 Mt) was down 7.5 per cent compared to the previous year.

Production losses were due to a combination of factors including the temporary suspension of operations after employee Clark Peadon was fatally injured while working in the dragline operations in November.

Above-average rainfall across the Bowen Basin in the December quarter, and a three-week breakdown of the bucket-wheel reclaimer in the March quarter also contributed.

Installed capacity at Curragh Main mining area is expected to increase following the recent introduction of a seventh fleet for 12 months.

Met coal prices for shipments from both its US and Australian operations reached record levels in the
fourth quarter of FY21 and remained elevated, the company said.

“Coronado finished the year in a very strong financial position,” Mr Spindler said.

“We delivered substantial increases in revenue, EBITDA and net profit and returned the balance sheet to a net cash position.

“These positive results have benefited from the recent high price environment, but also from the hard decisions taken in mid-2021 to restructure our debt arrangements as we completed a comprehensive $550 million refinancing package, which enhanced liquidity and provided a more flexible capital structure moving forward.”

The company will distribute $150 million in dividends to shareholders and make an offer to purchase up to $100 million of senior secured notes in the first quarter of 2022.