At Stanmore Resources Limited‘s AGM, Chairman Matt Latimore said the company capitalised on strategic actions initiated in 2022 to become a major exporter of metallurgical coal.
According to Latimore, Stanmore completed the acquisition of 80% of BMC in May 2022, and the remaining 20% of the re-named Stanmore SMC in October, taking full ownership of the South Walker Creek and Poitrel mines.
He added that the company is also seeing the benefits from the tailwinds created by the strong demand and pricing for metallurgical coal exports, enabling it to realise the synergies from integrating the mines into the company’s operations.
Additionally, the company’s strong financial performance during the year enabled it to reduce net debt to US$183 million at the end of December 2022, from a peak of US$795 million immediately before the BMC acquisition.
As a result of the company’s financial results, it was able to create a strong financial platform for capital management, which is expected to help it achieve its strategic priorities.
Moving forward, the company is working to assess available opportunities and concentrate better on assets that align with its focus on the efficient production of in-demand metallurgical coal.
