Australian mining company, Stanmore, achieved total production of 13.2 mnt of saleable coal at full capacity in CY’23, marking a significant increase of 43.47% from 9.2 mnt produced in CY’22.
The Australian mining company exceeded its projected coal output of 12.3-13 mnt, despite facing operational challenges due to adverse weather conditions.
During the same period, the company sold 12.8 mnt of coal, demonstrating a notable rise of 37.6% from the 9.3 mnt sold in the previous year.
After facing challenges from wet weather, particularly in the first quarter of CY’23, Stanmore’s mining operations rebounded. Moreover, logistical operations at South Walker Creek saw improvement in the latter half of CY’23, thanks to the support of a newly contracted rail service provider. Efforts are underway at South Walker Creek to expand rail capacity, aiming to alleviate ongoing constraints in Queensland’s infrastructure network.
In CY’23, Stanmore incurred costs amounting to $86/t Free on Board (FOB), driven by inflationary pressures and operating expenses, representing a $3/t increase compared to CY22. The company anticipates a further rise in costs in CY24, with a projected range of $99/t to $104/t, particularly noting Millennium’s relatively high unit costs, as outlined in the report.
The company aims to produce 12.8-13.6 mnt of coal in CY’24, including additional production from its Millennium complex.
Source: BigMint
