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Coronado Global slashes FY'19 EBITDA forecast by US$50M on weak met coal prices

Coronado Global Resources Inc. slashed its full-year 2019 EBITDA guidance to between US$687 million and US$737 million, from between US$737 million and US$807 million, due to weak metallurgical coal prices.

The company is assuming a spot price of US$140 per tonne for the rest of 2019, though Managing Director and CEO Gerry Spindler expects prices to slump further amid global market uncertainties driven by the U.S.-China trade war.

However, Spindler said the fundamental factors supporting continued growth in demand for high-quality metallurgical coal in the long term remain unchanged.

Coronado reaffirmed its production, operating cost and capital expenditure guidance for the year.