PERTH (miningweekly.com) – ASX-listed Coronado Global Resources has warned of a $60-million to $70-million impairment on its Greenbrier coal mine, in the US.
Coronado restarted the majority of its US operations at the start of June this year, after they were idled in April and May in the wake of the Covid-19 outbreak.
Coronado has said that the Greenbrier mine would remain idled for the remainder of the year, until a recovery was seen in metallurgical coal prices As a result of this idling and a review of the market conditions, customer demand, and the current metallurgical coal pricing, Coronado had foreshadowed a non-cash impairment charge in relation to the carrying value of the Greenbrier mine.
Meanwhile, the company on Wednesday also said that group production for the 2020 financial year was expected to reach between 16.5-million and 17-million tonnes, however, sales volumes for the year would be higher than production as customer demand would be met through existing inventory levels.