Coronado Global Resources mines and sells metallurgical (met) coal — the coal used to make coke, a critical input in blast furnace steelmaking. Coronado operates three mine complexes: Curragh in Queensland's Bowen Basin, which produces hard coking coal (HCC), semi-soft coking coal, and pulverized coal injection (PCI) coal; Buchanan in Virginia, which produces premium low-vol HCC; and Logan in West Virginia, which produces high-vol HCC. Curragh accounts for roughly 61% of revenue and U.S. operations account for the remaining 39%. Coronado also sells thermal coal as a secondary product, primarily under a legacy contract with Stanwell, a Queensland government-owned utility, though met coal represents over 90% of coal revenues. Coronado sells primarily to steel producers in Asia, Europe, South America, and North America, with Tata Steel as the largest customer at roughly 18% of revenue. Revenue is driven by volumes sold and price per tonne, referenced against benchmark indices like the PLV hard coking coal index. Because met coal is a commodity, profitability is highly leveraged to benchmark prices. On the cost side, Coronado has worked to reduce its mining cost per tonne over recent years. A structural complexity is the Stanwell contract, under which Coronado supplies thermal coal below cost but receives liquidity support in return, including an ABL facility and prepayment arrangements. Coronado recently completed two growth projects — the Mammoth underground mine at Curragh and a Buchanan shaft expansion — and is now focused on deleveraging its balance sheet.