2020 Annual General Meeting Presentation
Operational excellence underpinning performance
Record Safety performance
Progressing approvals for future operations
Large proportion of sales contracted to long-standing customers
I would like to open by welcoming our shareholders to today’s Annual General Meeting. I also acknowledge the Barada Barna people who are the traditional custodians of the land where the Isaac Plains Mine Complex resides. It is my pleasure to present this update to shareholders as Interim CEO of Stanmore Coal.
In closing, I would like to take the opportunity to thank the team at Stanmore Coal for their continued efforts. Implementation of strategy continues to be a collaborative effort and our employees and contractors both on site and in head office are committed to continued success and improvement.
Thank you also to my fellow Directors for their guidance and support in my current role as Interim CEO, and to our traditional owners, community, customers and shareholders for your continued support of Stanmore Coal.
On behalf of the Directors and in my first AGM as Chairman of Stanmore Coal, I am pleased to present this update to shareholders on our commendable operational performance in the 2020 financial year – a year of significant change for the company against the backdrop of a global pandemic.
The Company’s revenue from operations totalled $364.5 million, a reduction of 10% from the previous year. This resulted in a gross profit of $97.0 million, which was lower than our $164.8 million profit in FY19.
Blue Energy Limited announces that it has executed a non-binding Memorandum of Understanding (MOU) with Stanmore Coal Limited to develop a detailed agreement for the capture, processing and marketing of mine gas that would otherwise be a waste product from the proposed Isaac Plains Underground Coal Mine project in the North Bowen Basin where it overlaps with Blue's ATP814P tenement.
Stanmore Coal has reported a solid operating performance in a year of significant change for the Company and uncertainty as a result of the COVID-19 pandemic.
The focus on operational excellence and extending the economic life of the Isaac Plains Complex has underpinned a solid performance in a challenging year for the industry and our business.
All company announcements can be found on the ASX website at www.asx.com.au.