Humble beginnings
Garold Spindler, James Campbell and The Energy and Minerals Group (EMG) set out to build a coal producing company through the evaluation, acquisition and development of coal properties meeting a rigorous set of investment criteria:
- High-quality metallurgical coal
- Long-life operating assets with global supply diversity
- Low-cost operations that produce a broad range of high-quality products
- Expansion and optimisation upside potential
- Operations solely in low political and economic risk jurisdictions
Acquired Greenbrier complex
Coronado acquired the Greenbrier mine complex, located in the Central Appalachian Basin in south-eastern West Virginia approximately 30.5 kilometres northwest of Lewisburg. Greenbrier’s reserve area had a long history of producing high quality mid-vol metallurgical coal with very low ash and mid sulphur.
Acquired Logan complex
Coronado acquired the Logan mine complex, located in the Central Appalachian Basin in the southern West Virginia counties of Logan, Boone and Wyoming. The Logan mining complex has a large reserve of premium quality high-vol metallurgical coal, complemented by a long history of high-quality production.
Acquired Buchanan complex
In March, Coronado acquired the Buchanan mine complex, located in the Central Appalachian Basin in south-western Virginia approximately 16 kilometres south-east of Grundy. Buchanan first commenced production in 1983 with longwall mining beginning in 1987. Buchanan is one of the lowest operating cost low-vol mines in the U.S. as measured by cash cost per tonne.
Acquired Curragh complex
Coronado acquired the Curragh mine complex, located in the Bowen Basin, approximately 10 kilometres north of Blackwater in Central Queensland. Curragh produces a variety of high quality low-ash metallurgical coal products which are exported globally to a diverse customer base of leading steelmakers.
Listed on the Australian Securities Exchange
On 23 October, Coronado was listed on the ASX.
Record profits and dividends to shareholders
In FY2022, we achieved a record revenue of $3.6 billion, net income of $772 million and adjusted EBITDA of $1.2 billion. We distributed record dividends totalling $700 million and total shareholder returns exceeded 100%.
VAM RTO first full year operation at Buchanan
Our first Ventilation Air Methane (VAM) Regenerative Thermal Oxidiser (RTO) at Buchanan mine complex has reduced our greenhouse gas footprint by 71,645 tCO2e (6% reduction) in 2022 and 193,205 tCO2e (a 14.5% reduction) in 2023.
Moving forward
The Curragh underground project and expansion works at Buchanan are expected to lift Coronado production 20.5Mtpa run-rate by 2025, subject to
approvals.