S&P/ASX 200 Index (ASX: XJO) coal share Coronado Global Resources Inc (ASX: CRN) is defying the broader market sell-off today.
The coal stock closed yesterday trading for $1.61 per share. In late morning trade on Friday, shares are changing hands for $1.67 apiece, up 3.8%.
For some context, both the ASX 200 and the S&P/ASX 200 Resource Index (ASX: XJR) are down 0.4% at this same time.
Here’s what’s piquing ASX 200 investor interest today.
What’s driving investor interest on Friday?
Investors are bidding up the Coronado Resources share price following the release of the company’s quarterly results for the three months ending 30 June (Q2 2023).
Among the highlights, the ASX 200 coal share reported $728 million in revenue for the quarter. That sees H1 2023 revenue come in at $1.49 billion.
With lower metallurgical and thermal coal prices, Q2 revenue was down from the $766 million reported in Q1. And H1 2023 revenue declined from the $1.98 billion reported in H1 2022.
But judging by the big lift in the ASX 200 coal share today, those declines were already more than priced in by the market.
And production was strong, with run of mine (ROM) coal production increasing 15.3% quarter on quarter to 7.3 million tonnes. Saleable production lifted 22% from Q1 to 4.5 million tonnes.
Over the quarter Coronado Resources received an average realised price for metallurgical coal sold of $219.5 per tonne (mix of FOR / FOB / domestic pricing). This was down 8.4% from the prices in Q1.
On the cost front, capital expenditure in Q2 came in at $48 million.
As at 30 June, the ASX 200 coal share had net cash of $192 million, up 12% year on year.
Commenting on the results, Coronado CEO Douglas Thompson said:
The business delivered quarter-on-quarter higher production, waste and sales volumes, and maintained a strong balance sheet with healthy liquidity levels, positioning us well for our growth plans.
Thompson also applauded the board’s June approval of Coronado’s Curragh North Underground Project.
“This project underpins our organic growth strategy to deliver saleable production of 13.5 Mtpa, and diversity of coal supply strategy – open-cut and underground – from Curragh by 2025,” he said.
How has this ASX 200 coal share been tracking?
With today’s intraday lift factored in, the ASX 200 coal share is back in the green over the full year, up 3%.
The Coronado share price is down 13% in 2023.
