Coronado Global Resources (CRN) has reported a significant turnaround in its June quarter results, driven by an operational recovery at its Australian and US assets. The company delivered group run-of-mine production of 6.4 million tonnes, representing an 18.4% increase over the previous quarter. This performance shift marks a return to positive earnings, a key milestone for the business as it progresses through a structural and operational reset program. The company’s financial position was further bolstered by a decline in unit costs, with mining cash costs dropping to US$97.9/t, down from US$135.3/t in the March quarter.

"The June quarter reflected the expected rebound following completion of planned Q1 activities and seasonal impacts, with stronger production, materially lower unit costs and a return to positive earnings for the first time since Q2 2024."

"The reset is principally focused on improving performance at Curragh through higher productivity, lower costs, improved CHPP runtime and throughput, and stronger cash generation."

— Barrie van der Merwe, Incoming Chief Executive Officer

The Curragh Complex was central to this recovery, with saleable production jumping 75.6% to 3.0 million tonnes compared to the March quarter. This improvement follows the resumption of mining operations at Mammoth in February and the successful conclusion of planned plant maintenance. At the Buchanan operation, the company is reaping the benefits of a recent expansion project, which established a new, higher production run-rate. Buchanan achieved record first-half ROM production of 4.7 million tonnes. This expansion has been pivotal in shifting the company’s production base to a more sustainable profile, with management noting that the operation is now better positioned to deliver consistent earnings.

The quality of output also improved throughout the period, with metallurgical coal now accounting for 80.4% of group sales volumes, compared to 71.4% in the March quarter. While sales volumes remained relatively steady at 3.5 million tonnes, the company noted that approximately 430,000 tonnes of export-ready coal were deferred into July due to standard shipping and port scheduling. This inventory build is expected to convert into sales and cash receipts during the third quarter, providing a boost to liquidity.

Looking ahead, the company is nearing the completion of the first phase of its operational reset, with further details to be provided during the upcoming half-year results. Management is also moving to streamline the business by divesting the Logan Complex. The transaction is expected to close in the near term, a move that will remove structural negative cash flow exposure from the balance sheet. With the operational reset focusing on productivity and cost discipline, the company aims to solidify these gains through the second half of 2026. These efforts, combined with the higher throughput achieved at both Curragh and Buchanan, indicate a sharper focus on margin preservation and operational leverage. By optimizing mine planning, resetting service contracts, and improving CHPP performance, the organization is positioning itself to handle current market demands more effectively, with leadership prioritizing these initiatives to ensure long-term stability and continued positive momentum across its core production assets.

Read the full announcement: Quarterly Activities Report Q2 2026