Strong Full-Year Production and Sales
Full-year saleable production of 14.0 million tonnes (at the midpoint of revised guidance) and total sales of 14.1 million tonnes, with a very strong fourth-quarter finish delivering record quarterly operational results.
High ROM Output and Inventory Buffer
Delivered 20.5 million tonnes of ROM coal mined for the full year (ahead of original plans) and finished the year with over 1.5 million tonnes of ROM coal inventories across the business to help mitigate wet-season impacts.
Record CHPP Throughput
Isaac Plains CHPP achieved a record monthly feed in December of 425,000 tonnes, demonstrating plant throughput strength despite earlier constraints.
Asset-Level Operational Records (South Walker Creek & Poitrel)
South Walker Creek saw continued sequential ROM growth and all-time records for saleable production and sales for the year (asset-level volumes around 5 million tonnes for the year), supported by an upgraded CHPP running above nameplate in H2. Poitrel ended the year with almost 1 million tonnes of ROM inventory and delivered a solid operational performance.
Safety Performance Overall
Although two serious accidents occurred in the quarter (hospital admissions), the 12-month serious accident frequency rate remained at 0.33, stated as well below the industry benchmark.
Improved Market Prices for Coking Coal
Premium hard coking coal prices improved during the quarter (reported movement from approximately $190/tonne to $218/tonne during the quarter) and further strengthened post-quarter to around $250/tonne for premium HCC and ~$173/tonne for PCI, driven by supply disruptions and improving demand.
Strong Cash Generation and Balance Sheet Improvement
Total cash of USD 212 million as of 31 Dec (after a scheduled USD 35 million debt repayment); net debt reduced to USD 33 million from USD 90 million in the prior quarter, a reduction of almost USD 60 million (≈63% decrease Q/Q). Over the full year net debt increased only USD 7 million despite USD 60 million of dividends, USD 85 million of capex and USD 24 million of stamp duty.
Liquidity and Financing Flexibility
Upsized bank revolving credit facilities to USD 200 million undrawn, and combined with cash and working capital facilities, finished the year with total liquidity of USD 482 million.
Capital and Cost Discipline
Full-year capital expenditure of USD 85 million (reported at midpoint of guidance) after earlier in-year guidance reduction of USD 25 million to preserve cash; FOB cash costs expected to finish within guidance.