CRN +0.34%: 3rd Quarter production out for the coal miner today with production up almost 7% on the quarter to 4.5mt. Revenue surged 35% though with strong coal prices coming through. Net debt dropped to a measly $US154m, down $US82m in the three months, compared to revenue for the quarter of $US574m – at this rate Coronado expects to be net cash before the year is out, coming a long way since the capital raise a few months ago. They did flag production for the year would come in at the low end of guidance, while mining costs would be above the previous range as a result of higher AUD however this was overshadowed by positives throughout the rest of the announcement.
MM remains bullish and long CRN
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