Australia's Coronado Cuts Coal Production Guidance

US-Australian mining firm Coronado Coal has cut its production guidance to 16.5mn-17mn t for calendar 2020 from 19.7mn-20.2mn t and taken an impairment against one of its US mines because of ongoing low demand.

The firm expects sales to be higher than production, as it meets demand through existing inventory, particularly at its US operations. It does not expect a significant uptick in coal prices over the rest of 2020, leading it to take a $60mn-70mn write-down on the value of its Greenbrier mine in the US, which is likely to remain closed for the remainder of the calendar year.

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