Stanmore earnings take a hit
PERTH (miningweekly.com) – Coal miner Stanmore Coal has warned shareholders that its underlying earnings before interest, taxes, depreciation and amortization (Ebitda) for the full 2020 will be impacted by the Covid-19 pandemic.
The miner has revised its underlying Ebitda expectations for the full year from between A$92-million and A$100-million to between A$80-million and A$85-million.
Stanmore told shareholders that operations in the June quarter would also be affected, with term customers advising the company that they would be deferring taking delivery of contracted coal shipments that were due in June until later this year, which will result in a material deferral in revenue and earnings, with no sales now forecast for June, with sales figures some 250 000 t lower than previously expected.
As a result of the fewer tonnes being sold, as well as measures put in place by Stanmore and its suppliers to manage the impacts of Covid-19, the miner was expecting unit costs per tonne to increase slightly above the guidance of A$107/t sold, excluding royalty, to around A$109/t sold.
Stanmore’s production guidance for the full year has remained at 2.35-million tonnes.
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