25 October 2024

September 2024 Quarter Production Report

Group highlights

• Q1 FY25 total recordable injury frequency rate (TRIFR) of 4.5 for employees & contractors reflects the higher average TRIFR attributable to QLD.
• Managed ROM production of 9.7Mt for the September quarter, in line with the June quarter.
• Total equity sales of produced coal of 6.4Mt for the quarter, down 2% on the June quarter.
• Revenues for the quarter reflected ~64% metallurgical and ~36% thermal coal sales2.
• Unit costs are tracking at bottom end of guidance.
• Net debt at 30 September 2024 was A$1.2 billion, reflecting disciplined capital management. US$1.08 billion of proceeds from the 30% sell down of Blackwater expected to be received in Q3 FY25.

QLD – strong production with productivity improvements at both Blackwater and Daunia

• Managed run-of mine (ROM) production of 5.3Mt from QLD operations, up 11% on June quarter.
• QLD sales of 3.6Mt, up 13% on June quarter, including improved rail performance on the Goonyella line transporting Daunia coal.
• Average coal price of A$259/t achieved, equivalent to 84% of the PLV HCC Index, up from 74% in the June quarter.
• Cost out initiatives and productivity improvements continued in Q1 FY25.

NSW – improved Narrabri production, open cuts focused on overburden in line with plan

• Managed ROM production of 4.4Mt from NSW, down 12% on the June quarter as planned.
• NSW equity sales of produced coal of 2.8Mt for the quarter, down 16% on June quarter.
• Average coal price of A$211/t achieved from NSW operations, in line with gC NEWC.
• Reliability of longwall operations at Narrabri continued to improve, while a focus on overburden removal at NSW open cuts was in line with FY25 mine plans.

Comments from MD and CEO Paul Flynn

“I am pleased to report a solid start to FY25, with another strong quarter of production from our new Queensland operations, and our New South Wales operations delivering in line with plan.

“In Queensland, we are seeing productivity gains and cost improvements. We remain focused on reshaping the business for long-term success.

“In New South Wales, we are encouraged by Narrabri’s improving performance. In the open cuts, overburden is the focus in the first half with ROM coal production weighted more towards the second half of FY25.

“Our costs are tracking towards the bottom end of our full year cost guidance.

“We expect to receive US$1.08 billion of proceeds from the 30% sell down of Blackwater in Q3 FY25.”

Read the full September 2024 Quarter Production Report here.

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