Annual Review 2021

FY21 Highlights


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About Coronado

About Coronado

Coronado Global Resources Inc. is a leading international producer of high-quality Met coal, an essential element in steel production. Our coals, transformed in the steelmaking process, support the manufacture of everyday steel-based products that enrich lives around the world - including steel needed for the manufacture of renewable energy infrastructure.

We employ approximately 1,600 people directly and over 1,800 contractors globally with our principal executive office located in Brisbane, Australia. Coronado is one of the largest Met coal producers globally, supplying customers on five continents with a range of high quality coals.

FY21 Full Year Results

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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. These positive results have benefited from the recent high price environment, but also from the hard decisions taken in mid-2021 to restructure our debt arrangements as we completed a comprehensive $550 million refinancing package, which enhanced liquidity and provided a more flexible capital structure moving forward.

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ASX Announcement

2021 Annual Report

CARE Values

Managing through COVID-19 and the Market Downturn in 2020


COVID-19 initiatives

Operating initiatives
Financial initiatives

Operational Overview


Number of active mines1          

Two opencut mines, Curragh East and Curragh North, utilising draglines, a rope shovel and hydraulic excavators

Types of coal products

High-quality low-vol HCC, SCC, PCI and thermal coal

Key customers/markets

Met coal exported to international steel mills throughout Asia, Europe and South America. Thermal coal primarily for use by Australian domestic power station (Stanwell)

Expansion projects

Stanwell Reserve Area, MDL 162

1 Active mines at April 2022


Number of active mines1          

One underground mine with longwall mining system

Types of coal products

Low-vol HCC and premium low-vol PCI coal

Key customers/markets

North America customers and export destinations, including China, India, Europe and South Americaa

1 Active mines at April 2022


Number of active mines1          

Four underground mines (Lower War Eagle, Powellton, Eagle 1, Muddy Bridge) and one surface mine (Toney Fork)

Types of coal products

High quality high-vol HCC and SCC met coals, PCI coal and thermal coal

Key customers/markets

North America steel makers and export destinations, including Europe, South America and Asia

1 Active mines at April 2022


Number of active mines          

One underground mine (Mountaineer 1 – idle from April 2020) and one surface mine (Midland Surface – idle from April 2020)

Types of coal products

Premium quality mid-vol met coal, PCI and thermal coal (including activated carbon specialty markets)

Key customers/markets

North America steel makers and export destinations, including Europe, Asia and South America 

The Greenbrier mine remains idle and held for sale. The Company completed 110 acres of rehabilitation works at Greenbrier in FY21. The potential divestment of this non-core asset will be advanced in FY22.

FY21 Performance Summary

For the Year Ended 31 December 2021

1 All volumes are quoted in metric tonnes

Some numerical figures in the document have been subject to rounding adjustments. Accordingly, numerical figures shown as totals may not equal the sum of the figures that follow them.

Steel Starts Here

Coronado is a leading metallurgical coal producer and trusted supplier to the global steel industry.

Metallurgical coal is an essential ingredient in the production of steel, which is the most utilised metal in the world and an essential material underpinning social and economic growth. Steel’s strength and durability make it critical in the construction of major infrastructure projects (including renewable energy infrastructure), transportation technology, electrical equipment, and everyday household goods such as appliances.

As the world’s population continues to grow and urbanise, steelmakers and their suppliers will play a vital role in providing quality products that support a wide variety of uses well into the future.

Production of Steel

When iron is combined with carbon, recycled steel, and other elements, it is transformed into a much stronger material called Steel which can be 1,000 times stronger than iron.

Wide use of Steel

Steel is essential to modern society and is used in a range of products from rails, roads and vehicles to steel cans. It is used to deliver our food and water and enables energy generation and transmission. Steel is an essential material in the construction of generators and motors for electric vehicles and wind turbines and will play a key role in the transition to a low-carbon environment.

The amount of steel used in the world reached 1.7 billion tonnes in 2019. Steel markets are broadly as follows:

Sustainability of Steel

Steel is 100% recyclable and can be reused infinitely. On average new steel products contain 30% recycled steel. Steel products are durable and last a long time, with the average life span for a steel product being 40 years.

The strength and durability of steel has made it the most important material in our everyday lives.

Its multi-functional nature allows for broad use in everything from major infrastructure projects, to transport including cars and airplanes, and even common household appliances. Steel is also a core component of next generation renewable energy solutions such as solar and wind farms and can also be recycled, making it uniquely sustainable material to be used for generations to come.

Energy consumption per tonne of steel

reduced by 60%

since the 1960s, which has contributed to a significant decrease in CO2 intensity

Steel offers the most economic and the

highest strength to weight ratio

of any building material.


Coronado has set a target to reduce Scope 1 and 2 emissions by 30% by 2030.  

1Fugitive emissions baselines are calculated in line with current methodology (as per National Greenhouse and Energy Reporting and Environmental Protection Agency Greenhouse Gas Reporting Program regulatory calculations), including estimates for present Life of Mine production profile and resource depletion plan.

Target refers only to Scope 1 and 2 emissions. The baseline takes 2019 data and is exclusive of any acquisitions and will be adjusted as required.

U.S. Scope 1 fugitive emissions reductions are based on potential performance on the Ventilation Air Methane Regenerative Thermal Oxidation units and historic methane concentrations throughout the Buchanan Mine.

To offset U.S. Scope 2 emissions from purchased electricity consumption renewable energy certificates will be purchased in 2022.

Curragh baselines (based on Scope 1 and 2 emissions) do not include allowances for expansion options such as underground mining or accelerated open cut mining.

Carbon offsets may be used to achieve targets and these will be selected based on those meeting recognised standards as per the National Carbon Offset Standard.

Coronado’s Sustainability Principles

Support the health and wellbeing of our people by maintaining a safe workplace with the ultimate goal of zero harm.

Respect our environment by minimising the impact of our business activities and rehabilitating affected landscapes.

Be a valued and active member of the local communities in which we operate by delivering economic benefit and engaging in an open and transparent manner.

Build teams of engaged and motivated individuals that understand the positive social and economic relevance of what they do.

Operate fairly and equitably with suppliers and customers and generate superior and sustainable returns for security holders.

Coronado’s Total Economic Contribution1

1 Tax Paid, Salaries and Wages, and Payments to Contractors and Suppliers are provided on a cash basis. Tax Paid excludes GST.

2 Total Revenue includes tax refunds.

Sustainability Report

Coronado remains focused on the safety and wellbeing of its people, local communities and environment by setting meaningful targets across our material areas of impact. We continue to work in partnership with our customers and broader stakeholders for sustainable growth into the future.

CEO Gerry Spindler


Bringing a Mine to Life


Exploration represents the commencement of the mining process. Exploration activities include surveys, drilling, permits, mine technical analysis and planning, legal and financial consultation. The exploration process reflects a Company's first economic investment to a project and neighbouring community. Coronado maintains a metallurgical coal resource base in excess of 2 billion tonnes (JORC Code). Coronado's Mon Valley project is currently in this stage of the mine lifecycle.

Mine design

Mine planning and analysis, site design, mining methods and infrastructure requirements are assessed. The outcome of these assessments will determine the infrastructure required at a specific mine site to allow commencement of operations, ultimately contributing to employment and the economy. All safety and environmental factors are considered and permitted before the next phase.

Mine construction

Construction is a significant undertaking which, dependent on the project, can involve significant financial investment and provide employment and contributions to local and international communities for decades. Construction is a continuous process through the mine lifecycle. Coronado continues to evaluate the expansion of its Curragh mine to achieve incremental tonnage levels in the near future.


The production phase will provide metallurgical coal to customers used in the manufacturing of steel. In 2021, Coronado sold 17.8 million tonnes to customers with 95% of all revenues generated from metallurgical coal sales. The remaining 5% was from thermal coal sales used by power plants for electricity generation in Australia. Coronado has a reserve and resource base for metallurgical coal production in excess of 20 years in Australia and the U.S.


Rehabilitation is a key component of the mine life cycle. Coronado recognises the value of successful rehabilitation to its local environment and the surrounding communities. In 2021, Coronado recognised Asset Retirement Obligations (ARO) of US$120.3 million for future mine life closures and rehabilitation efforts. Coronado progressively rehabilitates disturbed areas as mining progresses and is compliant with legislative requirements in both Australia and the U.S.

Strong Metallurgical Coal Demand Through 2050

Growth for seaborne Met coal is underpinned by Indian demand and blast furnace production

Notes: Data sourced from Wood Mackenzie December 2021 Metallurgical Trade Outlook to 2050

Global seaborne metallurgical coal demand is forecast to grow from 301 million tonnes in 2021 to 403 million tonnes by 2050, an increase of 34%, led primarily by blast furnace steel production in India. India seaborne metallurgical coal demand is forecast to grow 146% to 172 million tonnes by 2050.

Global seaborne metallurgical coal supply is forecast to match demand with Australia expected to continue to be the dominant seaborne producer. Australian supply is forecast to increase from 170 million tonnes in 2021 to 258 million tonnes in 2050. Production growth is expected to be supported by a combination of brownfield expansion and greenfield development. Seaborne metallurgical coal supply growth is critical to meeting global steel demand expectations, including renewable energy infrastructure.

India steel growth is projected to increase by 229% from 115 million tonnes in 2021 to 380 million tonnes by 2050. Coronado is well positioned to support Indian demand as the country remains Coronado’s #1 export market. In 2021, Coronado sold ~26% of its seaborne metallurgical coal to India.

Board of Directors