Shares in Coronado Global Resources Ltd (ASX: CRN) have fallen sharply after a fatality at the company’s Mammoth underground mine in Queensland.
The coal company issued a statement to the ASX on Monday, stating that an incident occurred at the mine, located approximately 10km north of the town of Blackwater, at about 3 pm on Friday, January 2.
On Saturday, there was confirmation that a worker had been fatally injured, the company said.
It went on to say:
Coronado is deeply saddened by this tragic event and extends its deepest sympathies and sincere condolences to the family, friends and colleagues of the worker. The company is providing all support to the contracted coal mine operator, Mammoth Underground Mine Management Pty Ltd, which is currently working with the relevant authorities at site to understand the cause of the incident. The operations at Mammoth Underground Mine remain suspended.
The company said it had idled operations at its open-cut operations for 24 hours, but had now recommenced operations at these mines.
Media reports indicate that emergency services rushed to the Mammoth mine on Friday, safely recovering two workers, while one initially remained missing.
Inquiry to be launched
Queensland Minister for Natural Resources and Mines, Tony Perett, said there would be an investigation into the incident.
Coronado in October announced a strong set of results, stating at the time that its saleable production for the first quarter had increased 21% over the previous quarter to 4.5 million tonnes, marking the best result since 2021.
Managing Director Douglas Thompson said at the time that the company had “another strong quarter” and was experiencing good momentum.
He added:
Our performance is expected to continue to improve into the fourth quarter, with our expansion projects scheduled to hit planned run rates by the end of year and the continuation of benefits from our cost reduction programs. The Buchanan expansion project and Mammoth are forecasted to generate an additional circa three million tonnes (annualised) of saleable production. These projects are also expected to result in lower unit cost and drive significantly improved earnings and cash generation.
The company said it was the second quarter in a row where the company’s unit production costs had come in below guidance, with the month of September “well below guidance at $80 per tonne”.
Coronado shares fell 13.2% on Monday morning to be changing hands for 31.2 cents.
The company was valued at $603.5 million at the close of trade on Friday.
The post Coronado shares plummet after mine fatality in Queensland appeared first on The Motley Fool Australia.
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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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