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Annual Review 2020

Our core business strategy focuses on the production of met coal for the North American and seaborne export markets. Met coal sales represented approximately 79.9% of our total volume of coal sold for the year ended December 31, 2020. The remaining 20.1% of our total sales volume is thermal coal, the majority of which is sold to Stanwell under a long-term legacy contract assumed in the acquisition of Curragh. In addition, export sales represented 81.5% of our total revenues for the year ended December 31, 2020.

FY20 highlights

26.3 Mt

ROM production

17.0 Mt

Saleable production

18.2 Mt

Sales volume

$1,462.3 M

Revenue

$53.8 M

Adjusted EBITDA

-$226.5 M

Reported net (loss) income after tax

US $76.5

Operating costs per tonne sold

US $90.5

Group realised metallurgical coal price

7.1 %

Net debt decrease

Group sales mix (revenue)

Group export ratio (sales volume)

Metallurgical coal realised price (US$/t)

Mining cost per tonne sold ($/t)

FY20 performance summary 

For the year ended 31 December 2020

ItemUnit20222021%Change
ROM productionMt25.230.8-18.1%
Saleable productionMt17.020.2-15.8%
Sales volumeMt18.219.9-9.0%
Metallurgical coal sales%79.978.81.1%
Group realised metallurgical coal priceUS$90.5128.8-29.7%
Operating costs per tonne soldUS$76.577.5-1.3%
Mining costs per tonne soldUS$55.651.87.3%
RevenueUS$1,462.32,215.7-34.0%
Total costs and expensesUS$1,610.21,758.9-8.5%
Operating (loss) incomeUS$-148.0456.8-132.4%
Reported net (loss) income after taxUS$-226.5305.5-174.2%
Depreciation and amortisationUS$191.2176.58.3%
Interest expense (net of income)US$50.6-39.328.7%
Other foreign exchange losses (gain)US$1.1-1.7-167.3%
Income tax (benefit) expenseUS$-60114.6-152.3%
Impairment of assetsUS$78.1100.0%
Losses on idled assets held for saleUS$10.0100.0%
Provision for discounting and credit lossesUS$9.3100.0%
Adjusted EBITDAUS$53.8634.2-91.5%
Net cash from operating activitiesUS$-3.0477.4-100.6%
Net debtUS$281.9303.4-7.1%
Effective tax rate%20.927.3-6.4%

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1 All References to “EBITDA” means EBITDA adjusted for FX and non-recurring items
2 All volumes are quoted in metric tonnes

Positive metallurgical coal outlook

Forecast demand for seaborne metallurgical coal is underpinned by the growth of India’s blast furnace production over the next decade

Australia is expected to continue to be the dominant producer in the supply of seaborne metallurgical coal. Supply is forecasted to increase from 175Mt in 2020 to 190Mt in 2030. Expected production growth is supported by a combination of brownfield expansion and greenfield development.

Metallurgical coal supply (Mmt)

India’s seaborne metallurgical coal demand is forecasted to grow at CAGR 4.9% from 2021 to 2030. This is supported by blast furnace production expected to increase from ~51Mt in 2021 to ~99Mt in 2030. Increased demand from India will assist in balancing the Australian coking coal price reliance on China.

Metallurgical coal demand (Mmt)

Growth in supply critical to meeting expected demand growth is likely to be impacted by three core issues: 1) access to financing for greenfield developments, 2) permitting of projects; 3) need for high-quality steel for infrastructure

Quick links

About Coronado

Coronado Global Resources Inc. (ASX:CRN) is a leading international producer of high-quality metallurgical coal (met coal), which is an essential element in the production of steel.
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FY20 full year results

Coronado finished the year in a very strong financial position. We delivered substantial increases in revenue, EBITDA and net profit and returned the balance sheet to a net cash position.
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CARE values

At Coronado, we care for ourselves, our co-workers and our company and that means we always work safely. The safety of people in our work locations will always come first.
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Operational overview

Our operations lie in two of the largest and most productive metallurgical coal basins in the world: (1) the Bowen Basin in Queensland, Australia, and (2) the Central Appalachian region in the United States.
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Steel starts here

Our motto represents the fact that the met coal we deliver to our customers is an essential element in the production of steel.
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Sustainability

At Coronado, we are committed to creating a sustainable future by (1) operating safely and supporting the health and wellbeing of our people, (2) respecting and protecting the environment...
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Total economic contribution

We work closely with local community organisations. We reach out to local councils, schools and colleges, sporting clubs and youth associations...
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Board of directors

Coronado’s management team has over 100 years of combined experience in all aspects of the coal value chain, from the discovery of resources, through to development, production, and marketing.
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Read our 2020 sustainability report

2020 brought sustainability, or environment, social and governance (ESG) issues, into focus for many companies around the world.
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