The Stanmore Resources Ltd (ASX: SMR) share price is in the green on Friday following the release of its half yearly results for the period ending 30 June 2022.
At the time of writing, Stanmore is trading 6% higher at $2.14 apiece, a shade from its intraday high of $2.26 per share.
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Stanmore share price lifts on strong half-year
Key takeouts include:
- Fully consolidated underlying EBITDA of US$726 million
- Operating cash flow generated of US$563 million
- Acquisition of 80% interest in BHP Mitsui Coal Pty Ltd (BMC) completed on May 3 2022
- Consolidated half year Run Of Mine (ROM) production of 3.9 million tonnes (Mt) and saleable production of 2.8Mt
- Net debt of US$258 million with cash position of US$546 million at end of half year
What else happened last half for Stanmore?
The company saw benefits from the acquisition of the South Walker Creek and Poitrel mines. Sales
volumes increased by 2.09 million tonnes compared to the corresponding period.
The volume increase coincided with an increase in average realised coal sales price to US$377/tonne. As a result, it recorded an all-time high EBITDA of US$726 million.
Adverse weather events impacted operations in relation to haulage and coal mining, yet, the company still achieved its production targets.
It also drew down the full amount of its US$795 million debt facility and completed a US$506 million equity raise to acquire the assets of BHP Mitsui Coal Pty Ltd (BMC).
Management commentary
Speaking on the results, Marcelo Matos, Chief Executive Officer and Director of Stanmore said:
This has truly been an exciting period for Stanmore. We completed the acquisition of the South Walker Creek and Poitrel mines and welcomed their employees and contractors into the Stanmore family, completed the transition of the dragline to Isaac Downs which coincided with commencement of a new mining services operator and commenced operating our CHPP at Isaac Plains.
Stanmore share price snapshot
In the past 12 months, the Stanmore share price has jumped more than 211% into the green, or more than 125% this year to date.
