Hello, and welcome to the Annual General Meeting of Stockholders of Coronado Global Resources. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Bill Koeck, Deputy Chair and Lead Independent Non-Executive Director, and Chair of the meeting. Mr. Koeck, the floor is yours.
Good morning and good evening, ladies and gentlemen, depending upon your location, and welcome to the 2024 Annual General Meeting of Stockholders of Coronado Global Resources, Inc., to our sixth AGM as a listed company. Unfortunately, due to illness, our Executive Chair, Gerry Spindler, is unavailable to attend our AGM. Hence, the board of directors has this morning agreed that I preside over today's meeting as chair. And Gerry, we know you're listening in, and the whole team is hoping for a very quick recuperation. Today's meeting is being held in a virtual meeting format by webcast using Computershare's online platform. We've decided to run a virtual meeting again this year, as it enables increased stockholder participation and access across the countries in which our stockholders reside. In addition, proxy holders and guests may also attend.
Security holders and proxies have had the ability to ask questions and submit votes ahead of today's meeting. Every effort is made to ensure the meeting runs smoothly. But if you do experience technical difficulties, please contact Computershare on the number provided on the screen. In addition, this meeting is being recorded, and the recording will be available on our website within 24 hours after the meeting. While our annual general meeting of stockholders is being held virtually today, I would like to begin with the customary acknowledgment of the Turrbal traditional owners of the land on which the offices in Brisbane are located. I would like to pay my respects to elders past, present, and emerging.
I've been informed by Ashley Schultz from Computershare, who is the Inspector of Elections for this meeting, that there are represented in person or by proxy, a majority of all the common shares and the holder of the preferred stock Series A share, entitled to vote at this meeting. In accordance with the company's constitution and bylaws, I'm advised that the necessary quorum is present here today. I declare this meeting open at 10:05 A.M., Australian Eastern Standard Time. I would like to begin by introducing my fellow directors, some of whom are attending virtually today. Firstly, our independent non-executive directors, Aimee Allen, Greg Pritchard, Janette Hewson, and Philip Christensen. Aimee and Janette have joined the board on... as of the first of September 2023. Aimee, as has been, well announced, is a person with 25 years experience in...
Sorry, Aimee's 30 years experience in steel and mining, including with BHP, and Jan has 25 years experience in commodities, renewables, risk management, and energy markets. And we're very pleased they've agreed to join our board. Both have had significant time in the underground mines in the U.S. and at Curragh in the Bowen Basin. So they've had a very intense induction period and contributing enormously to our board. So welcome to both of them, formally, once again. Our Non-Executive Director, Laura Tyson, and our Managing Director and CEO, Douglas Thompson, are also with us here today. And, of course, Laura's been a director since the listing of the company, so welcome to Laura as well.
Members of our executive team, Gerhard Ziems, the Group Chief Financial Officer, Jeff Bitzer, the Group Chief Operating Officer, and Christopher Dew, the Chief Legal Officer, are also in attendance. In addition, Susan Casey, our Group Company Secretary, will be acting as secretary for this meeting. Also joining us today is Andrew Carrick from Ernst & Young, the company's auditors. The meeting is convened to consider matters specified in the notice of annual general meeting of stockholders, dated April 23, 2024. I'll be conducting this meeting in accordance with the order of business contained in that notice. Of course, Coronado, as you know, is incorporated in Delaware, in the United States, where almost all of the S&P 500 are incorporated, except possibly Tesla, which is moving to Texas. Today's agenda reflects the requirements of Delaware and U.S. law.
Procedures will be followed in accordance with the company's certificate of incorporation and bylaws. The proxy statement and the notice of meeting provide explanatory notes on the proposals put for resolution to the meeting today. The notice of meeting included instructions as to how stockholders could vote and submit questions in advance of this meeting. Stockholders or their appointed proxies have the opportunity to vote and ask questions at the meeting today using the Computershare meeting platform. We haven't received any questions in advance from stockholders, which are relevant to the proceedings of the meeting. Registered guests will be able to listen to this webcast meeting, but of course, they're not able to vote. If any security holder or guest wishes to submit questions after today's meeting, these can be submitted to Andrew Mooney, our Vice President, Investor Relations, whose details are included in the presentation pack.
For Coronado Global Resources, 2023 was a year of very solid operating performances and significant strategic investment that will unlock growth potential of our key metallurgical coal assets in Australia and the United States. This investment will help ensure our business remains a leading international producer of high-quality met coal, and an essential element in the production of steel for many decades to come. During the year, we successfully overcame a number of operational challenges in an economic environment that continued to be characterized by high inflation, higher royalties and taxes, state royalties and taxes, and continued volatility in global met coal markets. The can-do attitude of our executive team and employees, combined with a clear strategy and vision for the future, has kept Coronado focused on improving productivity and a strong focus on shareholder returns.
Coronado delivered the second-highest annual group revenue results in the company's history, despite the disruption caused by significant wet weather and rail and port outages in Queensland, which have affected the whole of the industry up there in the Bowen Basin, and unexpected geological conditions at Buchanan. Importantly, we achieved these results thanks to the hard work and commitment of our senior executive team and employees. At Curragh, we remain focused on optimizing all aspects of the mine through the delivery of the One Curragh Plan. The plan aims to achieve significant cost and operational benefits with improved production and productivity. Key to the plan's execution was the recovery of historic pre-strip waste movement deficits, which was successfully achieved in the first quarter of 2024.
That's a significant milestone as it allowed us to recently remove four contractor fleets from the Curragh Complex, substantially reducing costs and pit congestion and improving strike lengths, pit geometry, and dragline efficiencies. In the U.S., operations at Buchanan and Logan continued to focus on next-stage organic growth works for sustainable mining, future mining. At Buchanan, we completed the Longwall development works in the southern districts in the December quarter. This will allow us to operate an additional underground district with new equipment and create more operational flexibility for mining from both the northern and southern areas of the mine from 2024 onwards. At Logan, continued works in 2023 culminated with the commencement of a new phase of the mine plan, with the successful commencement of highwall mining at our surface operations and re-entry at Powellton Underground division in 2024.
Coronado's safety performance in 2023 was excellent. However, sadly, it's been overshadowed by the very recent fatality that occurred at our Buchanan underground mining complex in Virginia. Everyone at Coronado is deeply saddened by this tragic event, and we offer our deepest sympathies and sincere condolences to the family, friends, and colleagues of that miner. The company is continuing to work with the appropriate U.S. federal and state agencies who've been on-site, as well as providing full cooperation with the authorities investigating the incident. At Coronado, we remain absolutely dedicated to integrating health and safety policies and procedures into every facet of our work, reinforcing our commitment with our actions. That's an enduring commitment, which we've had since day one, and reflects our belief that the well-being of people is not just a priority, but it's a value that shapes our future.
In 2023, as I said earlier, Coronado's group total recordable incident rate improved by 45% year-on-year. In Australia, the twelve-month rolling Total Recordable Injury Frequency Rate, or TRIFR, as we call it, the acronym, on 31 December 2023, was 1.83, compared to 3.92 at the end of 2022. The decrease was largely driven by continuing embedding and growth and focus on strategic initiatives, including contractor management, leadership development, and risk management, and we've talked about these previously. In the US, the 2023 total recordable incident rate of 1.5 represented a 66% improvement over our 2022 performance. And much of that is credited to continued focus on training of miners well over and above the regulators' required training. It's embedded as one of the fundamental values of our business.
Similarly, our approach to sustainability, particularly environment and carbon reduction, is fully embedded with our business. Highlights for 2023 include zero significant environmental or cultural heritage incidents. We've rehabilitated 60 hectares of land, bringing the total land rehabilitated since listing to 1,232 hectares. And thirdly, we've successfully eliminated 264,850, nearly 265,000 tons of CO2-equivalent emissions via the ventilation air methane system. Coronado continues to work towards net zero operational emissions by 2050, and in 2023, we made considerable progress on emission reduction initiatives at Buchanan and Curragh. At Buchanan, and you've got a picture of this on the slide, the ventilation air methane project is a very complex bit of kit, which continues to be a proven success in reducing emissions from the mine.
Since commencing in July 2022, the VAM unit at Vent Shaft 16 has operated at a 95% emission destruction efficiency. So this has safety implications of removing the methane out of the mines, but also it reduces the carbon impact of our mining. With such positive results, Coronado committed to the installation of a second VAM unit at Vent Shaft 18, and I'm pleased to report that the construction of that VAM unit is now complete, and its commissioning and testing is underway. Post-final testing, we expect to further reduce our emissions, increasing our confidence in achieving our overall 30% emission reduction target by 2030 for the company as a whole. At Curragh, too, we've started our emissions reduction journey by the Curragh Gas Project.
This project is designed to capture open cut waste mined coal gas from our operations for power generation and use as a diesel substitute in mining fleets. First gas was achieved in January 2024, with better than anticipated flow rates. In mid-2023, we converted a haul truck to dual fuel and operated it with the normal production environment. Results were successful, and we have further work to do. We're developing a work plan for a further operational pilot, with the potential to operate using gas produced from the mine. And we're investing considerable funds and have invested considerable funds in, in that endeavor. The group has also had a net positive impact in the countries and regions where it operates, and it would be remiss of me not to mention what our total economic contribution is.
Coronado's positive impact in 2023 is valued at $2.97 billion, including... And these are US dollars for the Australian investors who are listening. Including $630 million, so that's well over AUD 800 million, paid in corporate taxes, government royalties, and rebates. In a world gripped by high inflation and high energy costs, it has been well documented that increased government royalties and taxes present a barrier to future investment, eroding hard-won productivity gains. As our long-term shareholders, as our long-term shareholders will know, Coronado's capital allocation strategy is defined by four key pillars: one, maintaining a strong balance sheet; two, shareholder returns; three, organic growth; and four, inorganic growth, or M&A. In 2023, we emphasized organic growth over acquisitions as the most cost-effective way to enhance long-term shareholder returns while maintaining balance sheet strength.
Everything we do is focused on increasing shareholder value. We focused on optimizing our long life assets with a view to enhancing productivity and reducing our cost base. As you know from previous announcements, we've invested very significantly via a capital expenditure program, prioritizing expansion works at Buchanan and Curragh. This capital investment that is fully funded from the cash generated within our business, without the need for taking on additional debt or raising equity, is expected to achieve two critical outcomes for our business. One, to lower our cost structure in conjunction with improved operating efficiency and productivity. Two, provide access to incremental market reserves at our Mammoth Underground project at Curragh, that would have otherwise been cost-prohibitive to mine via traditional open-cut means.
Expansion works at our Buchanan Mine in the U.S., to not only increase production there, but to source additional reserves from an expanded boundary, and Douglas will provide greater detail on this in his presentation shortly. Of course, the board's disappointed that the company could not distribute higher dividends in 2023, given these initiatives that have been taken to expand our business. But the directors firmly believe that the substantial investments we're making in our business is the best use of capital to unlock our substantial reserve base, and simply too good an opportunity to pass up. We've seen many other businesses buying coal businesses for very significant sums, but we believe our investment is very efficient in our organic growth of the business.
The successful delivery of these projects will take us a long way towards delivering our strategic targets of higher saleable production, lower costs, and higher margins over time. We'll continue to progress these value-accreting projects in 2024, with the ultimate objective of being able to deliver long-term, sustainable returns to our shareholders. It's all about what we can do for you as a shareholder. During 2023, we examined several opportunities to grow our, our business through material acquisitions. However, it's very clear that these are all required - these will require very substantial premiums to be paid when compared with the untapped potential in our business. It was clear that superior returns for our shareholders could be best achieved through optimization and expansion of our key assets, Curragh and Buchanan, at a substantially lower cost, and without placing undue stress on our balance sheet.
That said, we continued, of course, to review opportunities, potential opportunities as they emerge, and providing they offer compelling value for our shareholders, we will potentially do something. Shareholders will also be aware that in September 2023, Seven Global Investments announced that it had signed a binding agreement to acquire a 51% interest in Coronado from our controlling shareholder, Coronado Group LLC, which we call Energy and Minerals Group. As yet, Coronado has not been advised that the closing conditions in relation to that acquisition have been satisfied. When new information is forthcoming, we will update the market. If you know Coronado, then you definitely know that steel starts right here. In the six years since Coronado listed on the ASX, the world's need for steel hasn't diminished.
In fact, it continues to increase in line with urbanization and industrialization, plans in emerging nations, first world infrastructure replacement, and the global push towards renewables, plus, sadly, the impact of the many wars and defense needs. Industry research shows that global steel production between now and 2050 is forecast to increase by 16% to 2.2 billion tons. The majority of which will continue to be produced by the traditional blast furnace production process, reliant on the use of met coal. The growth in demand is, of course, being led by India, one of Coronado's key export markets. We have some very important customers there that are very keen on our coal. The world needs steel, of which met coal is an essential input.
Industry forecasts show that potential alternatives to met coal and steel production are unlikely to materialize in scale for decades, certainly well beyond the life of our present mines. With met coal being Coronado's core product, we anticipate a strong, sustainable future ahead for both that commodity and our company. Nevertheless, global demand and pricing is likely to be volatile in response to economic cycles and the many geopolitical events. Volatility presents opportunities, and the work we're doing now to optimize and organically grow our business enhances our ability to remain profitable while we ride through any cycles that may emerge.... While the long-term outlook for Coronado is positive, investors will no doubt be concerned that recent share price performance doesn't reflect the true value of our company. No one's more upset about that than our board and management. Coronado's board and management share these concerns.
However, we're confident that the steps we have taken over the past 12 months to reshape our business will prove successful. Specifically, in 2024, improvements in productivity and cost reduction are expected to begin to flow through to shareholders. In 2025, next year, we're targeting increased production rates as expansion projects at Buchanan and Curragh are expected to come online, and from the end of 2026, early 2027, we anticipate a substantial EBITDA uplift every year upon expiration of the current Stanwell coal supply arrangement and rebate. And Douglas will expand upon those three matters in his address. In closing, I'd like to thank our loyal and hardworking employees and executives, our loyal and patient shareholders, and my fellow directors and colleagues for their unwavering commitment and support to Coronado in 2023.
Their combined efforts and sacrifices have enabled Coronado's next phase of growth and laid the foundation for a successful and rewarding future. I now hand over to our Managing Director and Chief Executive Officer, Douglas Thompson.
Thanks very much, , and thank you to all our shareholders for your investment and continued support. I'd like to echo Bill's earlier comments. Everyone at Coronado is feeling a deep sense of loss and hurt at the tragic loss of one of our team members. We express our deepest condolences to the family, our friends, and colleagues. As Bill mentioned, an investigation is underway, and our business is working with the relevant authorities. Out of respect to the family and the investigation process, we will provide no further comment at, at this time, but we commit to provide additional material information to the market as it comes to hand. Before I commence my address, I'd like to play a video for all shareholders.
At Coronado Global Resources, steel starts here. The inherent chemistry of steel production requires mined iron ore and metallurgical coal commodities, and it is these commodities that underpin the production of long-standing steel products and infrastructure. As well as automobiles, bridges, and buildings, steel is also critical for the infrastructure needed for low-carbon technologies as part of the energy transition. From towering wind turbines to sprawling solar farms, steel plays a pivotal role in our society, thereby solidifying met coal as a critical material for the future. With resources in excess of 2 billion tons and geographically diverse operations across key regions in the United States and Australia, Coronado is not just a producer, but a leader in providing the necessary critical components for steel demand and helping shape the future for the renewables transition.
Since 2013, Coronado has been on an incredible trajectory, experiencing exponential growth and setting new standards in the industry. In recent years, our business has shown incredible resilience in the face of external challenges. In 2020, amidst the turbulent waters of the COVID-19 pandemic and low commodity price cycle, we navigated the significant challenges presented, ensuring strong fundamentals were in place to support the long-term sustainability of our business. As coal markets regained momentum from 2021, we seized opportunities, delivering strong financial results and fortifying our position in the industry. And in 2022, our efforts culminated in record-breaking financial results and dividends, a testament to our dedication and focus on delivery and returns. With a proven track record of integrating and developing assets, we've delivered over $1.5 billion in distributions to shareholders since listing on the ASX in 2018.
In 2023, Coronado made significant operational strides to ensure our business was sustainable for the next 20 years. Despite the significant challenges faced from lower pricing, high inflation, increased taxes, royalties, and adverse weather events, our dedication to the health, well-being, and development of our workforce and local communities, and our commitment to operational excellence remain unwavering. In Australia, the Curragh Complex invested in rectification works under the multifaceted One Curragh Plan to ultimately improve operational efficiencies of our equipment and the development of our people and set the operation up for sustainable, consistent, long-term production rates. Key to the plan was mining the historic pre-strip waste deficit in our pits, thereby increasing the productivity of our dragline fleet. These actions were completed in March 2024. In tandem with these works, Curragh's next stage growth project works continued at Mammoth Underground.
Mammoth is a board and pillar underground mine that has a substantial reserve base of 41 million tonnes, with access utilizing the existing open-cut high wall in S Pit. With infrastructure works underway and subject to regulatory approvals, it is planned that Mammoth will deliver 1.5-2 million tons per annum of incremental met coal production in its first phase. In the U.S., our team at the Buchanan Mine brought into production the newly developed Southern Longwall District, marking the completion of a new longwall section, ventilation shaft, and new longwall mining equipment. With the southern district at Buchanan complete and operational, our business remains fully focused on the next key growth milestone: the construction of the second set of skips to increase hoisting capacity at the mine and the completion of the construction of additional coal stockpile space.
These projects are expected to complete in early 2025 and will ultimately debottleneck production by capitalizing on the productivity gains now available by having two distinct and fully equipped longwall districts. In 2023, as we have explained in our sustainability report, Coronado made solid progress towards delivering our Scope 1 and 2 emission reduction target, including substantial investment in decarbonization technologies at our operations. Our flagship Ventilation Air Methane, VAM, project at Buchanan, which was commissioned in July 2022, has proven to be a tremendous success. Since commissioning, the VAM has eliminated 265,000 tons of CO2 equivalent emissions, maintaining a 95% emission destruction efficiency. Given its success in making a significant and tangible reduction in emissions, we have recently completed the construction of a second VAM unit at Buchanan.
Coronado is emerging as an industry leader in the use of this technology, and we continue to share our expertise with industry and government bodies to help introduce it at other operations. At the Curragh Complex, work continues on our gas project, which targets the capture and beneficial use of open-cut waste mine coal gas for downstream applications, including power generation and utilizing gas as a diesel substitute in mining fleets. Our business also remains committed to ensuring we meet or exceed legislative and regulatory environmental obligations with the intention of restoring the land to agreed rehabilitation and closure criteria. Since listing, we have rehabilitated more than 1,200 hectares. In the next three years, our mission is to deliver higher tonnages, lower costs, reduced capital expenditure, and improved margins. We're fully confident that these objectives will pave the way for sustained shareholder returns.
In addition, the completion of our existing Stanwell arrangements in late 2026, early 2027, will provide a strong tailwind to earnings via, one, higher revenues on export cargo sold in an expected environment of higher met coal prices, and two, the removal of the legacy rebate mechanism that will materially improve our cost structure. Our strategic investments are yielding tangible results, and our commitment to organic growth remains steadfast, fueled by cash flows generated from within the business. At Coronado, we are committed to maintaining our position as one of the world's leading metallurgical coal producers, with a drive to deliver sustainable returns to all stakeholders. Welcome to the future of Coronado Global Resources. Steel starts here.
As outlined in the video, our business has come a long way from our humble beginnings in 2013 to now being a critical met coal producer of scale, providing high-quality products to customers in 5 continents. Our current path of organic investments at Curragh and Buchanan are well advanced, allowing us to realize our substantial met coal resource, which is more than 800 million tons. These investments are at multiples lower than recent market acquisitions, which we expect will unlock long-term return for our shareholders. In 2024, asset optimization of our existing assets and continued investments in our highly accretive organic growth projects will be our primary strategic focus.
As previously communicated, we are targeting sellable production between 16.4 and 17.2 million tons, and mining costs between $95 and $99 per ton, and capital expenditure between $220 and $250 million. Achievement of these results is underpinned by four strategic priorities that will not only ensure the success of the business this year, but also into the future, as we prepare the business to take advantage of the emerging market imbalance due to the lack of new supply and a growing seaborne market in India and in Asia. First of these priorities is our people. Their health and safety remains our highest priority. Second, asset optimization of our high-quality asset base will be achieved by our focus to drive and deliver operational and commercial excellence.
As I reported at our last investor call, we have delivered upon our development of the new Southern Longwall District at Buchanan and recently completed the recovery of historic pre-strip waste deficit movements at Curragh. That has subsequently seen the removal of four contractor fleets from our operations in April and the improvement of dragline productivities. Third, the delivery of our growth plans. We've made significant progress on our organic growth pipeline at Buchanan and Curragh... and we're starting to investigate options for incremental organic growth beyond these near-term targets. While we remain alert to organic growth opportunities as pre- as they present themselves, our near-term focus is on the highly accretive organic opportunities we are pursuing. And the fourth priority, capital management. Our ability to achieve asset optimization and strategic growth is underpinned by our focus on responsible capital management and a strong balance sheet.
The Curragh Underground project, now officially named Mammoth Underground, is a key organic growth project for our business. It remains on budget and on schedule, subject to government approvals. Our latest update is to advise that the highwall readiness is on track for completion and handover to the underground mining team this quarter, and we have recently filed our environmental approvals for the project. Mammoth Underground will offer Curragh Complex several strategic improvement opportunities, namely, diversified coal production. The underground mine will continue to produce coal in periods of wet weather, thereby de-risking production continuity from the complex, as the two open cuts may be impacted in periods of wet weather. Reduced cost per ton. The cost per ton from Mammoth Underground is forecasted to be in the second cost quartile. This will further improve the overall cost structure of Curragh Complex and quality products that are in demand.
Mammoth Mine has substantial high-quality met coal, a reserve base of 41 million ROM tons, and a coal quality expected to mirror the existing Curragh North open cut. And finally, to note, the increased production capacity. Once fully operational, the project is expected to deliver 1.5-2 million tons per annum in its first phase. Subject to receipt of the government approvals, first coal is still planned to be delivered from Mammoth in the month of December 2024. Organic growth projects at our U.S. operations also remain on budget and on target. Good progress has been made in the construction of the second set of skips to increase the mine's hoisting capacity to surface. As at the 31st of May, shaft excavation works are now complete, and the concrete lining works are expected to be completed this quarter.
The construction of the new surface raw storage area to increase the mine storage capacity is progressing to plan, with excavation works planned to be completed this quarter as well. The excavation works on the surface infrastructure for this project, in the infrastructure and the production hoist, are progressing to plan, and our full completion of both projects are on budget and on track to be completed in the first half of 2025. Turning to the next slide, that is the fundamental focus of the board, the executive team, and frankly, the entire Coronado team, to generate shareholder value. Our shareholder value proposition is supported by three pillars. The first of that being that met coal is a critical material. Our commodity touches every aspect of society and is key to the renewable energy transition.
Met coal is a critical material in a market that has structural shortfall in supply, and the pace of change driven by the energy transition is set to exacerbate that shortfall. Coronado is extremely well-positioned to take advantage of the supply-demand imbalance and resulting pricing environment, given our long life met coal assets that have proven growth potential at multiples below the present market inorganic growth opportunities. Our second pillar is operational excellence. Since inception in 2013, the Coronado team has a proven track record of successfully integrating, operating, and developing new assets that have delivered substantial return to our shareholders since 2018, when we listed. In 2023, we continued that trend with strategic investments to enhance our operations and to grow our operations.
This is evidenced at Curragh by the forecasted step change in costs from the removal of the four contracted truck and excavator fleets in late March of this year, and the increased productivity and utilization of our four draglines, and most recently, the restructure of the complex into three distinct operations to drive further operating simplicity and resultant productivity gains. At Buchanan, we completed the development of essentially a new mine, the new Southern District, which we expect will result in reduced costs and improved productivities. As we continue to execute our organic growth plans at Buchanan and Mammoth Underground, these will underpin the production forecast from 2025 onwards. Our last pillar being capital management. Our commitment to prudent financial management and strong balance sheet ensures we maintain a sustainable business.
Throughout 2023, we maintained a strong balance sheet that has funded our organic growth pipeline without the need to raise capital or further debt. Our ongoing commitment to be a responsible custodian of the resources we own is evident in our track record, and in 2023, we continued this by making tangible efforts in our ESG initiatives. We completed additional rehabilitation works and the investment in our emission reduction technologies that Paul mentioned earlier in his address. And with that, I'll hand back to Bill, and he can take us through the formal part of today's meeting.
Thank you, Douglas, for your commentary. That brings us back to the formal business of today's virtual meeting. I would now like to explain the order of, and processes for this part of the formal proceedings. First, I will explain the voting and how to cast your votes. There will be two forms of resolutions today. Firstly, a resolution of the holder of the Preferred Stock Series A, in relation to the re-election of Laura Tyson as non-executive director, of course, with the recommendation of the full board. And two, three resolutions of common stockholders and holders of our CHESS Depositary Interests or CDIs. As set out in the notice of meeting, CDI holders must have completed one of the following actions in order to vote at today's meeting.
They must have been instructed the CHESS Depositary Nominees, as the shareholder of record, to vote the common shares underlying your CDIs pursuant to your instructions in the CDI voting instruction form. Inform the company that you wish to nominate yourself or another person to be appointed as CHESS Depositary Nominees' proxy, with respect to the common shares underlying your CDIs, for the purposes of attending and voting at the meeting by completing the CDI voting instruction form. Valid proxies must have been provided to CHESS Depositary Nominees no later than 10:00 A.M., Australian Eastern Standard Time on Monday, third June, or 8:00 P.M. US Eastern Time on Sunday, the second of June 2024, in order for your vote to count. As required by the company's bylaws, a list of stockholders entitled to vote at today's meeting is available for inspection on the company's website.
Voting on all resolutions at today's meeting will be conducted by way of written ballots submitted by electronic transmission on the Computershare virtual platform, as authorized by the board of directors and in accordance with the bylaws. In order to provide you with enough time to vote, I will shortly open voting for all resolutions. At that time, if you are eligible to vote at this meeting, a new polling icon will appear on your screen. Selecting this icon will bring up the resolutions and present you with voting options. To cast your vote, simply select one of the options. There's no need to hit a Submit or Enter button, as the vote is automatically recorded. You do, however, and this is critical, have the ability to change your vote up until the time I declare that the voting is closed.
If you are voting, the vote icon will appear. Please submit your votes at any time, and I will provide a warning before I move to close voting. I now declare voting open on all items of business. No ballot, proxy or vote, nor any revocation or change, will be accepted by Computershare after the closing of these polls, as announced by me during the course of the meeting. As chair of the meeting, any undirected proxies given to me in relation to any items of business will be voted in accordance with the unanimous recommendation by the board of directors, in favor of all resolutions set out in the notice of meeting. The proxy vote tally made available to me by Computershare indicates that the polling on all items will be passed.
The proxy votes cast for each resolution will be displayed on the screen when each resolution is formally put to the meeting. Computershare will tally the results of the ballot, and details of the voting results will be provided to the Securities and Exchange Commission and the Australian Securities Exchange after this meeting. In respect of any open votes a proxy holder may be entitled to cast, please cast your vote using the Computershare online platform in accordance with the instructions provided. That covers the procedure for voting on each resolution. I will now move into the formal business of today's meeting. I'll commence by taking the proxy statement and the notice of meeting as read. Copies are also available on our website and were filed with the SEC and the ASX. You will now see on the screen the items of business to be considered today.
Item 1: Election of Ms. Laura Tyson, Ms. Laura Tyson, as director by the holder of the Preferred Stock Series A... Laura is a Series A director nominated by Coronado Group LLC for election to the board, having been in that position since listing of the company on the ASX in 2018. Full background and details of Ms. Tyson's, of Ms. Tyson are outlined in the proxy statement. The Series A holder has been asked to vote on the proposals shown on the screen. Of course, the board of directors unanimously recommended that the Series A shareholder vote in favor of this resolution. Summary of proxies received on Resolution 1 for the resolution is now displayed on the screen. Congratulations, Laura, on your election. Item 2: Election of directors.
Now, this is unusual for Australian companies because we're doing everybody in one resolution. In Australia, it would be each one would be a separate resolution. Coronado, being incorporated in the state of Delaware in the U.S., is bound by the requirements of the company's certificate of incorporation and bylaws, which require that all directors seek election at each annual general meeting. So it's an annual appointment. The specific experience, qualifications, and skills considered by the Compensation and Nominating Committee and the board of directors in assessing the appropriateness of each director to be elected today are outlined in the proxy statement. Further, in assessing the independence of each of Ms. Allen, Mr. Pritchard, Ms. Wilson, Mr. Christensen, and myself, the board specifically considered the independent standards of the Australian Securities Exchange and the New York Stock Exchange.
The board considers that each of these nominee directors continues to be independent. The text of Resolution Two is now on the screen. The directors are listed according to their position on the proxy card issued to stockholders. I will ask that those eligible to vote on this resolution, please do so now. The proxy votes received before the meeting on the resolution should now be displayed on your screen, setting out a summary of proxies received for the resolution and any proxy votes withheld. On the basis of proxies received, the results of the poll indicate the resolution will be carried, will be approved, and I look forward to working with all directors in the coming 12 months. So I now move to item three, which is the non-binding advisory vote on named executive officers' compensation. It's a mouthful. It means the say on pay.
As outlined in the proxy statement, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Securities and Exchange Act of 1934, we are providing stockholders with the opportunity to cast a non-binding advisory vote on compensation of the company's named executive officers, as disclosed in the proxy statement. The company seeks to provide compensation to each named executive officer that is designed to attract and retain suitably qualified executive officers and to incentivize them to create sustainable performance aligned with the interests of stockholders. The vote on this proposal is not intended to address any specific element of compensation, but relates to overall compensation of named executive officers. Stockholders are being asked to consider the ordinary resolution now shown on the screen. The directors unanimously recommend that the stockholders eligible to vote on this item vote for, in favor of this item.
I will ask those eligible to vote on this resolution, please do so now. The proxy votes received before the meeting on this resolution should now be displayed on your screen. I now move to item four, ratification of appointment of independent registered public accountant for the fiscal year ending December 31, 2024. As I noted in my address, the auditor is in the meeting here in Sydney, here in Brisbane now, and as outlined in the proxy statement, the Audit, Governance, and Risk Committee has appointed Ernst & Young to serve as the independent registered public accounting firm to audit our financial statements for the fiscal year ending December 31, 2024. Although we are not required to seek stockholder approval of this appointment, we intend to seek stockholder approval of our registered public accounting firm annually.
Representatives of Ernst & Young, Andy Carrick, is here today and, we are present virtually at the meeting. Are present here today. Stockholders are now, the resolution is now on the screen. I ask those eligible to vote to please do so now. The proxy votes received before the meeting on this resolution are now displayed on your screen. That concludes the items of business for this annual general meeting, and thank you for your attendance. We have now come to the end of our formal order of business, and in a couple of minutes, I will close the poll and voting system. Please ensure, as eligible, you have cast your votes on all resolutions. I've confirmed with the secretary for this meeting and Computershare, that there has not been any notice of revocation of any proxy submitted by our stockholders.
With that, I will now pause to allow you time to finalize your votes. I confirm that the polls are now closed and voting has closed. As a reminder, Computershare will tally these results of the poll, and details of the voting results will be provided to the SEC and ASX after the meeting close. Ladies and gentlemen, that concludes the formalities of today's meeting. And on behalf of the board and management at Coronado, I would like to thank you all for your attendance and participation in this virtual annual general meeting today. I again, thank you for your continued support of Coronado and reinforce our commitment to delivering long-term value to you, our stockholders. I now declare the annual general meeting of stockholders of Coronado Global Resources Inc. is closed.
This concludes the meeting. You may now disconnect.