Business mix
- Mainly engaged in metallurgical coal (used for steelmaking) and thermal coal, it guides shipments of metallurgical coal to 14.4-15.4 million tons and thermal coal to 700-1.1 million tons in 2026; sales are mainly through long-term contracts, and 48% of metallurgical coal has locked in an average price of US$132.37/ton in 2026.
- It has 19 active coal mines and 8 coal washing plants, with coal reserves of approximately 294.5 million tons as of March 31, 2026, and 3,950 employees.
Current key questions
- Metallurgical coal price fluctuations and cost control: Although some high-price contracts are locked in, cost pressures (such as inflation and conflict effects) may cause costs to exceed the guidance of US$95-101/ton.
- The company continues to generate losses (a net loss of $11.03 million in the first quarter), but has ample liquidity ($317.2 million in cash), cushioned by capital expenditure plans ($148-168 million) and 45X tax credits ($30-50 million annually).
- As a pure coal producer, it faces long-term risks from the energy transition, but benefits from steelmaking demand in the short term; the company rewards shareholders through stock buybacks.
