ASX-listed metallurgical coal producer Coronado Global Resources revised its market guidance for the year ending Dec. 31.
The adjustments are a result of significant rainfall at its Curragh Complex, causing production delays and necessitating cost-saving measures.
In August, rainfall at the Curragh Complex was more than three times the 10-year monthly average, severely disrupting pre-strip activities.
Consequently, some coal production has been deferred to 2025.
A La Niña weather pattern, expected to bring prolonged high rainfall, has led Coronado to adjust its fourth quarter production forecast conservatively.
Douglas Thompson, Managing Director and CEO, stated, "Today we advise the market of changes to production and cost guidance for FY24."
"The impacts from wet weather and subsequent deferral of production to FY 2025 do not derail our short-term strategic objectives," Thompson added.
He also mentioned plans to temporarily idle an additional fleet at Curragh to reduce costs during the adverse weather period.
Among the adjustments, FY24 saleable production is revised to 15.4 - 16.0 MMt, down from the original guidance of 16.4-17.2 MMt.
The average mining cost per tonne sold is now forecasted between US$ 105-110 ($156-$163), up from US$95-99 ($141-$147).
Capital expenditure remains unchanged but could hit the upper end of the initial guidance of US$220-250 million ($327.2-$371.8 million).
While Australian operations face challenges, Coronado's US operations, such as the Logan and Buchanan complexes, continue to perform as expected.
The company remains committed to its longer-term projects, including the Mammoth Underground at Curragh, aiming to deliver higher production rates from 2025.