Coronado Global Resources (CODQL) 30 Apr 242024 Q1 Earnings call transcript

Thank you for standing by, and welcome to the Coronado Global Resources Q1 Investor Call. There will be a presentation followed by a question-and-answer session. [Operator Instructions]. I would now hand the conference over to Mr. Andrew Mooney, VP, Investor Relations and Communications. ahead. go Please

as earnings XX-Q for Director detailed XXXX. everyone, statements Form see Xth the the first the investor and and with be sales conjunction quarter our and to review Today, will Thompson; I'm information our Thank coal financial Managing with filings results of May safety, regarding other Gerhard and we our joining on our you'll released market our by of release. non-U.S. to for markets statistics and production Today, GAAP outlining A to these our measures. and and to as statements forward-looking our call and joined of our the other ASX SEC, related more you, financials. with SEC. notice our report, Coronado's well outline Douglas quarterly released We ASX in position report CEO, reconciliations listeners Ziems. encourage Group CFO, Within all financial

also all tonnes Coronado Douglas. U.S. that, With in quotes to over numbers everyone otherwise stated. metric unless and dollars We remind you,

team very our to ahead Thanks and everybody, Coronado you, joining. deliver pleased safety plan. Andrew, of to first the that according thank I'm to quarter, the plan. report are In for our much, continues results

our to productivity the investments for coding our track plan. our on been identified plan and in have improvements delivering All in Our reduction at Buchanan are and first in Curragh actioned. cost quarter actions

on and on plan budget. is projects sustainability track, plan and growth our Our

we mines in early by followed We advantage while quarter. pulling processing by December, mitigate completed rain and the quarter in at we're we April. as the the and March. developed working year's mine full result and by plans our in commenced having strategic planned benefit Buchanan now plants list of southern is in was We've annual quarters, other at been quarter. several Curragh. late reduced, the of have X South the plans, and have come. time Thereby, X running the our February Curragh impact of few, X quarter. gain took to one plants also to maintain in Curragh forward strategic We the previously that we cyclones successfully North heavy in and operations the the in we we which milestones We maintenance maintenance full section was year pivoted productivity processing our We'll impact quarters delivered this starting to in on To in reported in newly our mining see in a that this later first did

as operations, which in Logan length sections in our Our And the offer quarter, investment plans Northern incremental will increased from successfully productivities X skips fleets plans pit geometries. our and our balance year the gains, host provide XXXX demobilized volumes ahead surface. improving. dragline productivity in according in and March benefit are can HX contractor North development strike At are HX the complex commenced mining with productivity we the plan high-well of this and are made again. Curragh we this the And and mining between the the once tonnes. In late also improvements following our Curragh to operational at we we flexibility the accordance on will full operations and And draw from South. more of once in set XXXX, District we of complete, second in

we in quarter, invest the growth emission projects to reduction and also additional to raise During organic being continued without simultaneously capital.

lower named million within we're our newly into tapping Mammoth base tonne shareholders substantial investments into. substantially XXX% owned a are investments we the base, unlocking that substantial time. for multiple The and our expansion growth Our reserve and than found XXX will value capital, best Underground expect our our market organic Buchanan which significant the projects opportunities over use create and value recent at cheapest reserve of demonstrates our

on to I our at focus you rates an elaborate turn the and our U.S. Australia the results, safety operational that overview. I'm advise to industry relevant give and in I'll Before below well reportable remain pleased rates.

a May rate was the the Australia. recordable the of of incident compared same the last In being compared the year-on-year, total a of average the to X.XX since prior recordable average in which year. X.XX% XX% X.XX rate the Looking XXXX rate to Australia, XX% safety total That's at March X.XX XXth actually rating and of as is improvement March year, rate U.S., as was XX-month XX-month the XXth incident the is rating time year-on-year. lowest improvement frequency

looking recordable at XX% that's year, a the this level, So, the rate to instant $X.XX compared group total last time is X.XX year-on-year. improvement

our Logan their complex for rewards addition I'd XXXX. several opportunity achieving the strong In take to performance these for congratulate like results, to safety to in

also All and Virginia achieved of Home Mountaineer Underground and Joseph Safety of these surface Logan the X Garden A. received operations Award, Award. the Association operations West

Turning the and ROM X.X our processing with Coronado lower quarter, brought start the the and of the the the was rates maintenance as during weather group ROM by tonnes. primarily core and rain inventories, was in volumes In the in cyclones late late year X.X%. due saleable reported which of million X to million we production production the tonnes X.X operations. million mitigate production of which was were followed production planned forward of heavy saleable completed production coal sales the of To X impact plants. to million significant December, quarter. tonnes tonnes, complex impact Coal Australia, X.X the ROM coal the coal mine December, of in reduced of quarter March from

enhanced And the mine historic as set and total March, further a both of a a by the As for planned exceeding completed of mine. for demobilize fleets movements removal deficit the of has A the no result, the followed Curragh of the from during Curragh successfully consolidation reflects with also thereof. And quarter. waste pit annual their completed quarters. one was fleets, this the significant This has year. shutdowns meters contractor coal fleets site. for with in also we've managed a maintenance resources rectifications At milestone The current X to the to CHPP the contractor in pre-strip. is on drill end consequently, proportionate plan been pits subsequent the rest on of up have maintenance reduction result, reduced will these planning undertaken and availability a past. required the

actions complex to per expects material a Curragh reduction of result in the these from see a cost April, As tonne.

waste by In demonstrates on improvements and the draglines investment, Curragh's investment truck addition, dragline plan to is have to versus in that moved as increasing working. excavator our a XX%, fleets productivity according from the and ratios return plan of XX%. up is with planned This achieved

further tonnes production performance is month. X salable that and In fleets. improve drive rates has The these quarter addition, our the March, we in manner. All actions Curragh had on in with with into in excavator which mine introduced finished accordance our are strong late increase sustained a and productivities in productivity million a excavator, to PCXXXX a continued April. this of momentum with margins stockpiles to strong of will elevated new plan track well deliver

to Buchanan March was was This commenced U.S. strong the million Southern as ROM newly sellable expect something mining reporting and Mine our month X.X ROM operations. of mine to the Southern to which production bunker the the cycles for the District million the quarter X.X proximity underground quarter quarter has tonnes new contributed achieved developed the of we as panels. higher these production, XX% higher delivery The the ROM was and and quarter. tonnes, is Turning in District. the than in we production can a in future close that was December horse

maintenance host, During which was we later in on the planned the be done the to conducted year. quarter,

We will of this year. works balance for gain from the the

to trending record temporary December our our system X in are the Southern Production levels earlier, quarter best of the was Highwall rates the we Logan quarter years, also Saleable is District. mining to production mirrored according last counts yields the of from the lowering complex mine the mentioned out is to skip I March, increase in at during lows. commenced reentered This in and expected as yields Pelton conveyor normalized downtime plan. April. that In quarter, June in we the levels. And will plan. and on the underground more late Our

strong, have performance Coronado's the yields realized from at we're to has lower been Buchanan achieved solid Logan. improved and tonnes quarter, operations tonne incremental being Looking cost coal the at and realizing improving per been and at mining with Curragh, April, April in ahead June

finance talk noted XXXX previously Gerhard, as we now market and a over outlook. will guidance. result, our our to who hand reaffirm So market I'll through

Douglas, you, from and day Thank today. good in Virginia back West

due, revenue of equates the is down AUD per FOB, in sales. coal quarter USD outflows million, the Mine mainly payment, increase the from to assessment Good worth The negatively And to capital for appeal almost this reflecting quarter realized in March was of on to impacted Coronado's came in group that first contracts, for group we quarter, the money flows missed million, the office payment of pricing quarter. than over few prior At year mixture the Supreme FOR, by sales we day, payable. of U.S. revenue Court million payments QX Queensland XX in to lower X% March acquisition group in relating the of the more March to all coal the XX prior the $XX full a the XX.X% the cash March, million the duty domestic to a volumes against company quarter This that on officially due XX balance were QRO's is to which stamp our metallurgical sales XXXX. which additional Our the which coal quarter-on-quarter. and received just were year of met to April. December as price was was March lodging X% reflected results tonne, XXX revenues compared customer XX which officially December Queensland USD its made last and of cash a Friday, release week to working USD the in related Curragh

capital. So, there's a impact working from significant

the cash, payments. about customer If of same it's million duty you $XXX added up, late the and both then

So as position, 'XX, XX a XXst net of therefore, million. we of March debt had

and group comprised the XXX the that of short-term XX mentioned, realized the liquidity were higher just we million, borrowings available under per the quarter deposits weather USD So, production average the QX to costs, of cash, XXX I ABL. impact due tonne. senior events notes balance of In million net be XXX early million it a relation secured if cost The available $XXX.X tonne our and lower you for would at then back maintain million per in the yields ongoing highlighted. the add and of wet million tonne being Douglas then to cost temporary cash the as per the that's Buchanan consisting XX cash, mining outstanding. And mining on closing and from sold

reducing met compared coal or completion prices price as and at higher benchmark just compared the to and tonne, average the The fleets and Coronado. tonne. benchmark in mob decreased the being impacting from quarter Australian per industry India. born And of the $XXX earlier at demand Basin steelmakers availability end supplier and following short-term are tonne increased in to XXX them of as in manage stronger ongoing we following global lower to demand coal per U.S. in weaker $XXX lower March tonne However, meaningful during lower down to and down Australian the second global per X% reduced USD coming XX% through On met shipments. prices demand average index of across both per the of increased early Queensland about mentioned expecting X% also drier steel the production heavy The tonne, in market additional Buchanan, realized quarter. with in for of led steel environment the from markets, relative deficit and X demand, rainfall January a words steel to pre-strip the per contractor and demand Finland are. XXX economic has weak was conditions reduction benchmark Curragh hot per cost improved ultimately, declined The course, pressure China yields quarter. coal metal continues outlook following raw drop average and first Douglas to supply to $XXX December index month, the supply hard experienced across The The In along seaborne $XXX put March prices. margin that's, in December increased the the at spot in the from and before, and the weekly the productivities see February shipments margins on position quarter spot continuing quarter price to March from the combine with also Phoenix prior with premium FOB, the was from tonne. materials. and of coal coking with

projections per pricing tonne data I as continue on strong happens projecting restocking the from signal. anticipate And India from June. this the at that for today benchmark is to year. in the back XXX be stabilize index to May June calendar latest However, demand data and the prices levels the will These USD of imports increase quarter that throughout the will pre-monsoon current curve, usually forward SGX latest

XX We are welcomed customers, would pricing in I the long-term representatives now of of customers look complex industry. high-quality, of largest great our continue discuss above shaping to pricing we from to continents, environment of the Douglas this to of deliver forward I back our to continuous per status we the and like future reliable we I growth that is X to higher projects. mention an $XXX from coal average And supply be to to celebrate met the recently Curragh commitment back together. to a to and before steel our hand Steel longer, products to commemorate affirm And of Japanese to one hand expected for our good years all on milestone, Douglas. really Corporation well JFE Douglas? environment as tonne. our of

and Great a long-standing Gerhard. future and good together. Thanks, relationship

look that some over So to projects our horizon strategic I to of earlier. my mentioned attention now I'll turn growth the

demonstrating quarter, both our equity. to or projects, in mission So, continued reduction debt in the significant first our to invest need without as the organic additional projects business growth simultaneously into progress the will into shareholders into which And value recent the and our substantially earlier, projects than we multiple in Mammoth at market create I investments future. Buchanan, significant opportunities, Underground mentioned for expansion our lower expect raise

to mentioned handover the for track Turning is is Mammoth officially approvals, to and which underground Power schedule, as environmental readiness remains quarter. on Underground the the is on project, the Underground we've budget June now named this previously. in subject and to on and teams completion

improvement During Underground will of March not path interruptions. be wet will underground coal continued on exposed quarter, the The Curragh mine progress critical diversified the several give offers mine requirements the mainly, it environmental weather strategic to production Mammoth us complex opportunities, production. approvals.

continuity. growth target. remain U.S. Organic construction XXXX. made Good set expected month first in of is and X for to also per second project mine and quality of plans second And production to cost the quarter. Once have the in a mirror an saddle been is increased budget reduce So, which the of the the for phase. will Mammoth us the demand, ROM the produce on tonnes This Curragh we'll our in projections of this skips forecasted tonnes and in And substantial opencut. be million base million December products, tonne for in it derisk our quality of is in cost million X.X to operational, then Reduced of the coal, cost coal are capacity. our on production the in coal to which is offers quarter, has approvals, North resource first subject Mine per production overall underground complex. existing Mammoth fully environmental to a the high-quality has XXX met produced expected progress forecast to tonne,

completion balance mine March, As with areas be works to at increase completed to XX% the lining the the surface the excavation to XXst and coal And works raw progressing to of is works in of complete concrete the construction plan, storage are of June shaft excavation be capacity by with the the quarter. bottlenecks, improved capacity projects productivities. to storage complete, mid-June. longwalls storage on risk will new expected capacity be production and both early are complete and of the hoisting District XXXX. And in Ultimately, hoists the allowing Southern and the Northern area and track Full the is grow surface plan. the District of to progressing at also infrastructure to reduce higher

to Turning emission projects. reduction our

waste commenced and We continue coal gas primary targeting to of Curragh. to our and that capture dewatering cut progress This both gas the beneficial uses leading Aropo-X make from from being open pilot on operations our our is cases from a in X March and project can project flows gas report at mine use I wells. with fleets. wells generation diesel substituting with to production downstream power

optimal of As flow continue to in modeling and running increasing the the this updated flows of to more and to our dual we resultantly is the gas going of we'll trucks for this trial And the each conversion and waste our build upon gas mirroring fuel the steadily reserve. a near-term quarter, understand gas an test plan well's gas June also this forward. wells, be use dewater on to performance of visibility solution. reservoir, truck new converting We the monitoring the monitor in

U.S. Turning to the

we works We reduce learnings VAM of of VAM unit with The is progress is May, of to quarter expected to forms the implementation construction complete technology, construction over in the substantial industry. our with our of undergoing ahead now on on leader emissions reducing second Given the to mission establishment continue schedule. our Coronado and operational #XX. Vent a scheduled procedures ventilation second the the further success emissions, to second air actually which VAM operator commenced the aspirations online unit be unit of building be the a of XXXX. and by the at now VAM Shaft in and I'll itself to Shaft #XX unit. at proven a our now The your the methane industry and Buchanan Vent XX% our during business hand made is key share as considers and questions. testing unit a an take reduction the reduction emissions slightly installation block to business is to VAM the

[Operator Instructions]. you. Thank

comes question first with Your Goldman Sachs. Paul from Young

you hope both well. I

on the is achieved question in quarter. First realized at the pricing Curragh

price, was the to around due coal timing Or thought last of a to XX% that sort if I in I a should so the period. achieved or improvement improving over an the bit it and mix it quarter, coke mix think not PCI but coking? of Was it Even was shipments you higher. the be between in FOB or expect been price quarter? is issue and flow through end? Do have it semisoft of hard the still June sort a some or just benefit hard little

in line first seen December Yes. Paul, higher. That's is had of than in past, Look, to volatilities with than XX%. very from Gerhard here. the PCI, December why because we the it's also in XX%, The PCI be we lower the benefit particularly it quite honest, quarter. the might It's quarter, have hi. prices to of prices expected we I higher better what you it's simply be benchmark. and think, why profoundly reason all, low fell

XX%. above that back just to So XX%. was It's sitting above

flowing of expect we quarter. through following positive therefore, that effects the And improved. has it So, into some

Okay.

coke coal? sound and does So, shipments like timing it of on high anything around

really PCI relativity dropped predominantly low of this a quarter. No. in the to XX% that It's

bit benefits way we just about contractors. on the being the shovel a of maybe out X to from think a talk Yes, the XX there? taken on think you that the a Doug I around. Doug, X contract just or are the on for truck of more the and is then fleet of structure this? question Curragh. okay. consolidating terms of fleets, question see contract of consolidation fleets the about Good the What Can should cost benefit any And Curragh,

of a number there's Paul, things.

Firstly, plan. we're of to trying execute a according to all this

its think say way mobilize systemic which I'm and the end through some deficit one a It's plants that extra there's through now past, So, address to fleets pleased we've additional to running But And catch up. in performance to Curragh period purpose. working to up some prep plan conveyor in a the these that with likewise, coming spoken in the with and I then that of the with done maintenance, has to fleets. we've catch-up overland the served we're we likewise, where get of the of work deficits. additional the

As best the order all look we and of that our base of one headcount reduce well. Taking ways and business costs of because out to out, is of support costs reduce other business proportionately. contracting second the into as the we take at that cost

that plan as executing we're our constantly a we've So, result. that, got that to flow we've been a and reductions measuring

rate that maybe Thanks, the turning the forward that mining Okay. on and I and and benefit to of District the Doug. June you what U.S. production now sort Or from then skips we you've say brought on of now commissioned? Buchanan, Southern should expect And at in commenced in year are the -- quarter? completed What just the before run maintenance end to between hoist. do and scheduled new see Buchanan Buchanan the expect should

end anticipated. saw is It's last years by the in earlier shaft of driven set improved belts. We'll this so was out. started about knew a Buchanan is through and don't we X yield June it over X see of that work routine at the before to we'd it a June. The been than ropes want performance. the That the out yield primarily and I rest the skipping, we we're of to and to was period, talk give above years, we in in good when change albeit improved on improved June we've Likewise, seeing that performance inspection the conveyor we April, that The do of through the what improve the our due, last modeled trending have what now it's continue guidance reduction, Paul, flows. also enjoyed to of April change quarter. that But to expect appropriate. in then yield We a needed did we has was down. we wrong has month out

managed later faced the we We for we and our and from those maintenance. once positions, maintenance, the of productivity have we'll per the prep improvements we the didn't quickly also benefiting what low other the and the the at back. quarter, as win shaft to in the to started have because quarters get pretty low that time cyclones. that at the as coal second we we in in that and wrong have year down won't maintenance the opportunity we're means which X.X now. schedule, do year we've the back took So, is again, would of time we that to we're to come, seen to that rest well. maintenance that quarter flag trying of in anticipated you in the the year, well, the then as where because And enjoying June weeks, and do flows, enjoy later, pivot time Likewise, but could done because the which we start coal back, And original April the last don't just get flows and Curragh, had stock December extreme X the do only wet we in we lot go

maintenance the forward and of will pulling prevent rest year. benefit that's for the how us that So,

scheduled for duration what that at wash maintenance plant the And was maintenance the on wash plant? Curragh,

you want but talking weeks. back exact I'd to probably give we're come X and numbers,

over think, I annual days XX large X second the both and shutdowns. one for weeks one, X just for there the were

America. Your Bank next with Chen question Jiang from of comes

me, questions Two please. from

variation. Firstly, just your a follow-up price on

PCI coking PCI in if Any the coking POV Sabine changed hard is you for So, improved color or PCI provide would demand? hard appreciated. on market can -- that any of Sabine price? in such supply coal has I'm coal, coal say, color discount. primarily there the as that after in I declining the weeks. the another POV this. that better PCI I market, wondering by decreasing just the recent Is driven anything narrowing have in Or one Sabine to discount the

No, above Look, that the first. the end, because in respond down me from and XXX to down Yes. benchmark global came FOB benchmark, the a let Australian XXXs to premium XXX. it's

The driven I in that prior mid-wall in segment updates, just have these of premium premium demand in lower indicated by -- that benchmark high way. in I that was India premium lower and segment. quarterly essentially supply think the indices for decoupled a now I fear out mid-wall

index So that the actually this these see product be so high, dynamics didn't PCI whatsoever. caused where to

XX% last the prices least high $XXX index So, PCI less benchmark last premium a was nearly to now at up than the at gone relativity to sitting or today, XXX, XX%. as down for lower came has month quarter,

So, essentially, at these relativities might continue. have decoupled, I would call it, this point, that and

Sure.

So, will PCI hard current saying cooking premium of discount stay are coal level? you decoupling the continue? the and will that think you the So, at

because dynamic more simply the price that stable no, than low-vol premium mean, PCI anymore. benchmark. I not probably The Well, it's is

pre-monsoon benchmark most The the up PCI think below likely low-vol go is dynamic as As as for will premium can XX%. again not as for global. the that relativity the restocking the benchmark reasons, restocks to I drop market premium India

Great. sure. Sure,

-- Curragh perspective, realization here So, I from price product product achieve higher any guess in change the year? rest in that you for from the the price mix of mix can the

lower there. also hold good here pretty for work. we so by the of falling met have that long-term of But have to done But impacted There's don't average to some mitigate seen XX% realization. in be in Look, the indicator, coal the you, can good what we quarter. met prices in relativities. these coal confident Mind price essentially, pretty we Curragh, color, March impacts probably good. U.S. yes, that an work some element we is are for we it's done is I and a in but have want Yes. specific

have another I your this quarter. one sure. OpEx reported Sure, for

seems your comparing your first is cost quota drive guidance BMA your 'XX think your BMA, few things basically, you FY understand quarter or you I above upper you gives the with FY too FY guidance Well, by conservative? guidance. coal you to of you what of and low it OpEx confidence cetera, for So, but the achieve guidance. like guidance? BHP's 'XX end if met OpEx productivity, BHP's at a cost think et the do the OpEx, 'XX then XX% too can compare Well, it's upper Do end the mentioned for guidance

Yes. No, good question. a that's

see tonne. So, quarters, X over are look, break what next that we I you saying. That's down, that is this to means a to essentially mean, $XX need what per about cost the of

So, like it XXX this. what at like the moment, or was it's something

So yes, you the have back volume. go to to

we So, quarter, at forward, rough look of the maintenance volume weather then lot when of the we plant work the lost issues. because a wet we first and

So, digested issues, within particularly now plant as the we we forecast, are our own guidance. in have

don't guidance. And that improvement Doug a lot be will out of further quite Curragh cost honest, same outstanding see at and budgeted productivity are as Pulling there a But major, at But volume. that there's we already things into And rain the point. savings major this time, doing it we any that improvements. impact fleets has well impacts forecasted So, in out at highlighted. the that have we for event. if extraordinary are we ensure of If are will event, within there's productivity quarter, good are the looking as we yield costs issues major rain anything and programs. might fourth to these X

or at fleets a massive, fleets. is put that an continue we undertaking, of is big like out four further That you and look operation fleets three Curragh, improvements. productivity to If

year, at within and So internal that guidance moment. forecasts we rest of the our that will what ensure following for the are the are that's

right. and you We've team The to everything that we building executing We exactly against our everything we're has first within quarter do plan, just plan. and it's diligently on according the got said, in it. a Look, done what expected plan.

is Some of to delivered time driving done that that and ahead of reducing out little productivity productivity, We've it wasteful. costs get work. was true costs actually hard bit a a in We got lever. are and driving

we the A the dragline the work, We that productivity it, X on to to rationalization like is gain also reduce flows with and contractor our those says, then but perspective. you cost again. Gerhard our the XX% of The capacity substantial. site as play versus you're gain on that XX% rationalize And plan, productivity into focus at historic, off will installed impacted there's moving can further the continue do the with opportunities fleets, will that dragline in a according us it's it's U.S., waste math as been substantial gains. it if And cost intend, to quarter from costs volume reductions. for a the that's

comes question with Glyn Barrenjoey. from Lawcock next Your

today? now it XX% obviously flow one here sit stated Maybe April. take of XX% environment we we I as in whatever operating to guidance step just that the was, free way the and to further. cash a mean, XX% Are we're through operating positive actually then you all that now within to

Well, obviously to you referred then April.

don't really give look and performance. in nothing But yes, then our more than forecast, operate So, we when reports, there's I we guidance. outlook on that, within honest April internal at

Okay.

through. flowing are benefits the all So,

next -- suggest the aren't that, as to deliver you you'll positive said, you've that April achieving that and your if now? flow cost quarters in X seen there's and drag first you can at get guidance, you down free you'll nothing as cash quarter So, well

Yes. Yes.

just back? if stamp you and to is that can a Or debate government? spent just that money then back? I Is something we with duty claw that Queensland. the can, that second it see won't the could And Is something you on question,

Absolutely.

and the we office I'll made submitted an that claim against Supreme but on hand -- Douglas appeal over said, to of XX as now, the royalty to obviously Queensland I March. a we Court Queensland

duty to last what this. of year, look in you chunk we a we at the addition here disputing paid are stamp when we that paid large So,

balance as for, million. provided our the XX for had AUD in we pay about AUD just expected, stamp sheet essentially, million we to So, about in paid expected And XXX now we duty. total,

million expected total to we in AUD paid So, XXX pay and we XX million.

good at reason of went So, there's we on a into Queensland Supreme peer Court a XX the March.

you then appeal. can all to including only interest it have pay you And upfront, and the

evaluated a the we've it, approach decided we've So, from perspective. shareholder's that's prudent

half is and of sort that. long is to a your Or a that this? at of string? trying to line, mean, how resolve it's No, tax worse makes than debate piece Yes. sense. even Doug, I paying all But time upfront there

then given dates dates through it Supreme the the indicative may how in us. been the Unfortunately, of And quick system. all that Court works is We've to it's not setting up year. this it be

control, So, not unfortunately. entirely in our

Your George with UBS. Eadie question next comes from

or elevated Curragh. a on or much first How Question pit accessible quantify it combination? in talking you Could the volume? And mentioned? please it at Is Tilo in stockpiles we are coal? the it? the we where is ROM Is uncovered

I because indicate the that that's start date good inventories got if start we information and waste initial the or blast out quarter. and We helpful we is reporting movements we've us. exposed problem the planned don't what and because on But will drill elevated and in is coal you for not of give

We've month got the and product got stockpiles, line hand. of some because at decent decent a April, did we've where stockpiles partially during rail also was run the input maintenance. range it's there So, outage

a decent product there's in all combination So, areas. of X

just Okay. No, that's maybe one. a helpful. second And

the on XX%. just maybe of rehandle on question up forward. has to dirt dragline stress if the make my risk pre-strip, or going fleet is, it assumptions guess system the driveline coal mentioned but does from drag for been XX% on You is forward? more the comment from waste, I now this lower the unit bottleneck plan and moving allocated And might cost, dragline going cover to

those prime numbers. talking We're in

of invested because of wasn't dig striking. blocks, So, draglines spending part of in getting the orientation moving a past. on challenge relocating the our was prime amount strike the into We pit were back time is and length fair

geometry quarter, started pre-strip then configuration. that 'XX the X we late this cuts again, quarter dragline pit of set to and then performance. up the and see last set optimal did the performing balance that be in in to return up And for box optimal the So last of the in we year we are all on and draglines 'XX, the

prime primary back from around to We engineer everything productivities. fleet. advantage, where percentage geological the draglines drive rebalance that business and got with then will a drive the up our that's into We to we've on case because continue that clearly and

point that of fleet. than productive we've while less piece the equipment holding bigger of a It's the PCXXXX it, is deployed. replacing what was introduced Just raised you've contractor some

and reduce in the sprint of upper and the doing the alluvial So, most PCXXXX ahead BCM production productive process, so we way bigger shovel, the we've per now in balance. cost obviously of material, draglines XXX-tonne can got the our the in

Okay. No, that's helpful. very

drags, prime up last how over Just more to is couple X make next X the that, maybe? versus that on to sense? going rehandled So years trending following

our on improve see the stage same, engineering probably the place it's in the that is we stay the the the at plan to in at to call this the stage opportunities before same start and albeit Rehandled doing model, X best

line is Eadie's Mr. open. still

that all me. for Thanks guys. Yes, was

at hand are Thompson this now further remarks. questions time. Mr. to closing There will back no for I

Okay. of thank incredibly see in return time. the against for into for like now, past the them draw some and now in behind have future. investments as year We're of taking to and Well, attractive for executing on taking we've very much for and Australia the continue into you obviously and plan. near-term, communicating we're a out the a in will substantially everybody, moment. for the and the ourselves. our we'll while And items shareholders busy report operations well. productivity we it's out We of to the care the the the Australia. out plan legacy starting been to primary that plans value in And U.S. improvements in market put the all point future operations a our a at future investing that And and performance to I'd to know and you our according we're and U.S. the in improvements

team, Mooney. particular, Relations please hesitate to you. Andrew follow-up have If you don't Thank do questions, any contact in our Investor

Thank for for our conclude you does participating. That today. conference

disconnect. You now may