Australia's Coronado Global Resources drops to near 3-year low on forecast downgrade

Coronado Global Resources

05/09/2024 02:07

** Shares of Coronado Global Resources  CRN.AX  fall as much
as 16.9% to A$0.91, their lowest levels since Dec 16, 2021
    ** Co among top losers in the ASX 200  .AXJO  benchmark
index
    ** The metallurgical coal producer revises its FY24 saleable
production outlook to 15.4–16 MMt from 16.4–17.2 MMt
    ** Co sees FY24 average mining cost per ton sold between
$105 and $110 from $95–$99
    ** Co plans to temporarily idle an additional fleet at the
Curragh Complex to reduce costs, to mitigate the weather impact
to production, in October 2024
    ** About 3.7 mln shares change hands, 1.1 times the 30-day
average volume of shares
    ** Stock has lost 37.8% this year, as of last close
    

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))