I would now like to hand the conference over to Chantelle Essa, Vice President, Investor Relations. Please go ahead.
Thank you, Darcy, and everyone for joining Coronado Global Resources' June quarter Investor Call for 2025. Today, we released our quarterly report for the ASX and SEC, in which we outlined our key information related to safety, production, sales, coal markets, and financial performance. A more detailed outline of our financial position and results is expected to be released to the market on 12th August , with our Form 10-Q. Today, I am joined by our Managing Director and Chief Executive Officer, Douglas Thompson, and our Chief Financial Officer, Barrie van der Merwe. Within our report, you will see our notice regarding forward-looking statements and reconciliations of certain non-U.S. GAAP financial measures. We encourage you to review these statements in conjunction with our other filings with the ASX and SEC. I also remind everyone that Coronado Global Resources quotes all numbers in U.S. dollars and metric tons unless otherwise stated.
I'll now hand over the call to Douglas.
Thank you, Chantelle, and thank you, everybody, for making the time to join us today. Overall, we've demonstrated significant progress in the last quarter. We've executed to our plan and ended the June quarter on a six-year record ROM production, despite weather events in the quarter, idling one of our mines and other assets, and planned shutdowns to enable our growth projects. We've improved our business resilience, and this reflects the capability of our mines to be operated to meet the market, a great result by our team under current market conditions. We expect H2 to materially grow in returns with our expansion projects now in full execution. June EBITDA was also positive, covering our capital expenditure in the month. Our cost reductions have delivered, and we continue to execute these to plan.
Our costs have reduced to below guidance levels in the quarter and have improved on prior quarter and on prior year. We will deliver material volume increases in the second half of this year as our high-return Mammoth and Buchanan growth projects are both in production, with three panels now operating at Mammoth and the Buchanan expansion producing its first coal. We expect the annual incremental run rate of approximately 3 million tons to show in the second half of this year as these projects now ramp up to full capacity. We closed the new ABL facility and the Stanwell transaction to the end of the quarter, with improved immediately available liquidity of $284 million. Given the extended market conditions, we continue to work through a series of steps to extend and optimize our liquidity further, if required.
Key metrics achieved in quarter two were group ROM production, 7 million tons, up 20%. Our salable production and our sales volumes were both 3.7 million tons in the quarter. At a group level, our total recordable injury rate was 1.05, remaining well below industry averages for both the U.S. and Australia. On our group performance, as I've said, June was a six-year record ROM performance, and the quarter delivered a 7% improvement in salable production. Our total inventory at the end of the quarter was approximately 1 million tons. From a group perspective, the increased production is expected to have a material impact on EBITDA and free cash flow growth in the second half. Moving on to operations, specifically in the quarter, for our Australian business unit, the June month was significant. We exceeded plan from a ROM production perspective and achieved plan for salable production.
Our ability to recover volumes after unplanned events has been more consistent than in the past, demonstrating the resilience that we've built into the business. Performance this quarter reflects the ability to manage the mines to meet the market. The increased production is before the incremental volume increases expected from our growth projects, as these are still in ramp-up phase. Cost reductions continue to be realized, and the average mining cost per ton sold in quarter two was below our forecast and budget and well below the lower end of our guidance levels. The third continuous miner commenced production in late June at Mammoth, and Mammoth now has three production panels in operation. They are online to achieve their full-year planned production. Mammoth is expected to deliver a run rate in the second half of the year of up to an additional 2 million incremental tons. Moving to our U.S.
business unit, we had our planned long wall move in the quarter, and we also undertook shutdowns at Buchanan. These were enabling shutdowns that tie the new infrastructure for the expansion project into the existing infrastructure. The U.S. continues to make incremental improvements every quarter, delivering higher ROM production, salable production, and sales volumes than the same time last year and last quarter, despite these additional shutdowns, idling one of our mines and idling select assets. Our Buchanan expansion is now 100% complete, on budget and on schedule. I'll note, this is the second project our team has delivered on time and on budget. We are producing coal and finalizing commissioning of the shaft. The project is expected to deliver approximately an additional 1 million annualized run rate from the second half of this year. Together with the dual long walls now at Buchanan, we expect the U.S.
business unit to exceed 7 million tons per annum going into the future. This additional capacity has been created by this expansion project. It's great to celebrate the successful completion of two major projects, the Buchanan expansion and the Mammoth Underground, within a six-month period. We're looking forward to enjoying the incremental tonnage that will come from these projects as they ramp up in the second half of this year. With that, I'll hand over to Barrie to speak to our financial position.
Thank you, Douglas, and good morning, everyone. As Douglas outlined earlier, the June quarter performance outcomes were strong. It shows that we set up the business to be more resilient and responsive, as the June ROM production, a six-year record performance, clearly shows. While prices continue to be weak, we are controlling the controllables through reliable production, ramping up the expansion project, and controlling cost. During the quarter, good progress was also made to extend the company's liquidity runway through the ABL with Oaktree and prepayment and rebate deferral with Stanwell. Our efforts to further strengthen the liquidity position continue, considering the expected continuing weak near-term price environment. The PLV index was volatile during the first half of the year, trading as low as $166 per ton in March and as high as $196 per ton in May. The quarter-on-quarter PLV index average was very similar at $184 per ton.
The average Australian dollar exchange rate for the June quarter was 2.2% stronger than the March quarter, but was in line with our guidance assumption of $0.63. Our planning assumptions for the rest of the year are in line with current market prices. The 20% increase in ROM production Coronadowas driven primarily by Curragh, that produced 1 million tons more, a 41% quarter-on-quarter increase. This and approximately $30 million of cost savings realized in the quarter, through a reduction of 18% in mining cost per ton sold to $92 per ton, the bottom end of our guidance range. This unit cost was achieved without a material contribution to production from our expansions, which are only starting to ramp up now, and the majority of cost savings are to be realized in the second half.
The strong production result built a 600,000-ton ROM stockpile at Curragh, which will support production resilience of the open pits in the second half. The completion of the Mammoth and Buchanan expansions, as Douglas said before, will mean that half two CapEx cash flows will be approximately $60 million lower than half one, with cash capital expenditure of approximately $230 million expected for the full year. At an operating level before capital expenditure of $75 million, the group consumed only $19 million of cash during the June quarter. This is after $17 million in Queensland state royalty payments, $8 million in Stanwell rebates spiked up to May before the rebate deferral started, and $7 million absorbed into working capital. The increased ROM stocks, amounting to about $35 million, were funded by a short-term free driving arrangement.
Cash outflows included cash backing of $31 million of guarantees, $4 million of transaction costs, which are not expected to recur, and payment of the final dividend for FY24 of $8 million, which was more than offset by inflows of $170 million from the ABL drawdown and the Stanwell prepayment and rebate deferral. It's worth noting that even at these prices and before state royalties and the Stanwell rebate, Coronado was in a cash breakeven position for the first half, after funding the completion of the Mammoth Underground expansion. Drawn $75 million off the $150 million facility. $75 million remains available to be drawn, subject to having adequate eligible inventory and debtors, $22 million of which was immediately available at 30 June.
There are no covenant testing for the June quarter, and the covenant thresholds and calculation methodologies up to the March quarter of 2026 have been set in a manner that accounts for a low price environment. Oaktree is supportive of our business, and the recent review event resulting from credit ratings downgrades, driven by the expectation of lower for longer prices, were completed without any change to the facility's terms or availability. We plan on drawing the facility further in half two, as required, to fund working capital increases. The transaction with Stanwell for $75 million in cash upfront and approximately $75 million through progressive monthly rebate deferrals will increase liquidity by approximately $150 million by the end of the year. The liquidity support will be repaid in coal tons beyond 2026, after which annual cash flow is expected to improve by approximately $150 million per year at current prices.
At 30 June, we had $284 million in immediately available liquidity, a further $53 million under the ABL that will fund future inventory and debtors increases, and about $50 million future rebate deferrals from Stanwell. As we have said previously, we continue to pursue all options available to us to maximize our liquidity and financial flexibility during this downturn in met coal markets and time of global macroeconomic uncertainty with volatility. We'll be releasing our quarterly financial results on the ASX and SEC on 12th August. I'll now hand you back to Douglas for a market overview. Thanks.
Thank you, Barrie. We continue to see the steel markets and raw material demand coming under pressure. Global demand feels weak, and prices have remained subdued. China's declining domestic demand due to real estate weakness is assumed to be partially offset by exports and manufacturing, which is having a prolonged impact on the global demand-supply dynamics. Trade flows and product mixes are changing in response to tariffs, causing changes in dynamics in pricing at different pricing and product tiers. Having said this, the outlook for the second half of this year has potential, supported by several key factors: an anticipated recovery in global steel production outside of China, ongoing tariffs on China steel that has been exported around the world, ongoing supply rationalization, and continued indicators of steel production and demand in India. We've seen positive signs out of India.
India have extended the import quota to the end of the year, and the potential post-monsoon demand and restocking to rebuild inventories will be seen. In China, the coke and met pricing have improved in recent days, and they've announced some substantial projects domestically. We maintain the view that the long-term outlook for seaborne metallurgical coal remains very positive. We remain confident that our second-half production profile and our plan will support positive returns at today's prices, and we've demonstrated this in the June quarter. With that, I'll hand over to Darcy to take your questions.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Rob Stein from Macquarie. Please go ahead.
Thanks for the opportunity. Just looking at the cost result, just wondering, in terms of overburden removal and the like, are we to expect a drift back to more productive movement going forward, in future quarters given that obviously due to the current prevailing market conditions, you've had to take some pretty drastic cost measures? Just trying to get a handle on how sustainable the cost position is.
Obviously, there's fluctuations from quarter to quarter as inventories move, but if you look at the last two years' journey, Rob, at Curragh, we went on a productivity drive led by our draglines, and you'll see in our results the performance out of our dragline systems have improved materially over the last 18 months and have sustained that. We're moving more than half of our volumes through draglines. As a result, if you compare year on year, about 45% of our installed capacity by truck and excavator has been removed from the system, dramatically reducing cost, but also enabling simplicity of operations, mine planning, and the way in which the mine is, the mines, the two open cuts are set up.
What we're going to enjoy going forward at Curragh is now with the incremental tons that will come from the underground operations as that ramps up, and those costs are below the costs of the open cuts, we'll enjoy that reduction further. What we've done at Curragh and the continued ramp-up will definitely be sustained and enjoyed. What we've done in the U.S. recently to address costs, as I said, we've idled one of our surface operations. It was probably the higher cost operations and not the most favorable product, so it was a net benefit from a cash perspective. We've got that in idle, and if the market presents itself in time, we can turn those volumes back on.
We've also addressed some of our development units at Buchanan and taking advantage of the investment we've made in the past with lead days on our long walls, to give back some of that. That cost will come back into the business, but the incremental tons that we'll get out of the system now that we've finished the project at Buchanan, the growth profile there will more than offset the costs. Importantly, from a cash management perspective in this market, the discipline remains. We're very tightly controlling our capital. The capital projects that we've spent to date now come to an end, and our cost reduction initiatives that we spoke about at previous calls all continue into the months to come.
Specifically at Curragh, we're not seeing an overburden debt build in the quarter given that there is a time lag between, you know, truck and shuttle movements regarding overburdening and lag those draglines, you know, good length to sort of attack the same.
No. What we did diligently, probably starting three years ago, is catch up pre-strip deficits by the investment that we did back then. We've maintained a stable mine plan. Everybody in this market will be taking advantage of stripping ratio advantages they have, selecting pits that have got better margin ranking. We, like everybody else, will be doing that because that's just prudent works. We do have a sustainable mine plan at Curragh, and it's dragline led.
Perfect. Thank you.
In short, we haven't high-graded the mine to an unsustainable position.
Perfect. Thank you very much.
Thank you. Your next question comes from Glynn Lawcock from Barrenj oey. Please go ahead.
Good morning, Douglas. I wonder if you mentioned just before in the question, you know, costs fluctuate from quarter to quarter as the inventory moves. You gave us $92 a ton for the June quarter, $72 a ton for the month of June mining costs. What do you think it is on a cash basis? If you strip out the inventory noise, where do you think this business can get to? Therefore, at current prices, and you've already, you know, prices lagged by a quarter, can this business generate free cash flow in the second half?
On that first one, I think that when we look at that metric of cost per ton sold, it is on a per-sold basis. It's not a produced basis. If you, the other way to look at it is if we actually sold, if we worked through those inventories, we expense the cost, your denominator in that calc would go up. It's not an artificial $92 a ton. It was $92 a ton, even if you sold those inventories through and expense the cost. I think that $92 a ton is sitting at the bottom end of guidance, and our guidance was $92 - $1.
Did you drop it?
Because in the performance for the quarter, we've not had much of the ramp-up, expansion ramp-up tons. As you would think, with the majority of cost savings to come through in the second half, and then the additional tons coming from the expansions, the 92 and less should give you a good indication of where it should sit in the second half. You then need to kind of roll that through to what the second half looks like. I mean, the prices are tough. The prices are low. We gave a bit of a steer in the quarterly report as to how the underlying operating cash flows looked for the second quarter of the year. There was $19 million of operating cash flow burned in the second quarter. We had high CapEx, so that exacerbated the net mine cash flow position that was also a burn.
I think it's important to realize that. Second quarter, I think that the best indication I can give you, as we said, yes, there was cash burn in the quarter. CapEx is coming down into the second quarter. At these prices, you probably would still see some cash consumption, but it won't be as extreme as it was in the first half, because the CapEx is coming down and the cost savings are washing through.
All right. Thanks, Barrie. You dropped out a little bit when you were answering the question. It did for me anyway. If I think about that then, what you're saying is $92 a ton is a good number that's cash, and I could multiply that by your salable production, say 18 million tons, right? We're looking at a business that's sort of $1.65 billion cash from a mining perspective, and then I've got my royalties and everything else, I guess, is what I'm just trying to make sure I'm, that's a true cash number, what you think $92, as opposed to, because it does jump around, as you say, inventory, but that's a good cash number. Okay. Cool. Thanks very much for that.
Or less. You need to factor the second half in, et cetera, but I think that's a fair cash number.
Okay. On the Oaktree debt, I appreciate you're going to test the covenant at the end of the September quarter. I think you make comments that it's not as onerous as normal. It's set for a low-price environment. Given the lag on pricing, myself and the market are expecting you to report negative EBITDA for Q3, given the pricing's pretty much locked away. How do you pass a covenant test with negative EBITDA, or are we missing something in the testing?
The EBITDA will be the EBITDA if you look at, and the financial results will come out, and you'll see what the second quarter EBITDA was. That was pretty much line ball for the second quarter. As you see volumes lift into Q3 with the expansions, we'd expect that to be a plus and not a minus. A bit more detail on those covenants, the thresholds are looser, but the test will work on an annualized quarterly EBITDA. You'll go Q3 EBITDA times four, and that'll be the basis of the test. I mean, yeah, technically, you're right. If you make an EBITDA loss, you've got nowhere to go. That's not our assessment of what Q3 is going to be.
Okay. That's good. Just to finish off, if I may, given all the cost initiatives, capital reductions, you've made the comment about ABL and Stanwell agreement expected to meet current needs. Does that mean a sell-down of Curragh or other portfolio adjustments are now off the table, and you feel you've done everything you need to get through?
No. As we said, in the current market and prolonged outlook on pricing being range-bound, we're looking at all options. There's a lot of speculation about what we're doing and aren't doing in that. We don't indulge in the speculation. We have a plan, and we stick to our plan. To make sure that plan considers all prudent options, we keep the door open at looking at what makes sense. As you said, minority sell-downs have been spoken about a lot in the market recently. We're having inbound inquiries. I think most producers in Queensland are getting inbound inquiries because the world's pretty nervous about what is Queensland going to do with the royalty rate and the pressure that's on these operators. Will there be sustained growth into the future? The product's clearly going to be needed.
We're hearing more and more blast furnaces getting realigned and arc furnace projects being deferred. Product demand into the future is going to be there, and people are concerned the supply is not going to be there. With us having growth projects and producing product that clients want, there's a lot of interest. We will prudently assess those and determine if they're right for our business. What we've done as a team is built ourselves a very secure runway, even in this really hard market, to make decisions in a timely, controlled manner that are right for all of our shareholders.
Yeah, no, I appreciate that. Thanks very much, Douglas, Barrie.
No worries.
Cool.
Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Daniel Roden from Jefferies. Please go ahead.
Doug and Barrie, thanks for taking my question. I just wanted to ask, I guess, commentary on Mammoth has been fairly light in terms of how it's going. I just wondered if you could provide a bit of an update on, I guess, the operational progress. Are you seeing any challenges from continuous miners punching into their kind of respective sections? You know, are you seeing confidence that you're going to be hitting production guidance into half two, and the indication on where and how that football might go into half two.
Daniel, thanks. Yeah, as I said, we've put the third continuous miner unit into production. We've got now three panels. The permanent vent fans have gone in. The underground infrastructure for material handling, conveyor belt systems, and the like has gone.
Call.
In the portals in December, late December to where we are now, where we fully built our three panels and got all this infrastructure built into the mine and all the crews mobilized and trained and delivering, we're now standing in the position where we've got enough space that's been built underground for these units to operate productively and go through up there, go through the ramp-up curve, and we've built the enabling infrastructure like ventilation districts and appropriate ventilation controls that they can operate optimally. The equipment itself is performing well. We are, like all projects, going through a period of learning as we build out the mine. That's what this first six months was intended to be. We've got those, and we understand the geology and the geotech around it, and most conditions are playing out the way that we anticipated them to be.
We are in a good position for the ramp-up for the rest of the year. The product that we're producing out of the mine, as we said, is the same product that we produce out of the northern open cut mine, but clearly, it's been extracted in a different manner. Through continuous miner, it's a lot finer. We've been running a number of trials, as we've been alluding to in this quarter, on how do we put that product through the prep plant? How do we tie that infrastructure in, just like in the U.S., where we've been doing tines and shutdowns to enable?
We put in that product through the prep plant and seeing what upside opportunities do we have, particularly using our bypass circuit and having some upside capacity, not only on prep plant throughput, but then also on yield side of the product that will come out of that mine. There's some detail on how Mammoth is going, but we're in a great position now for the second half of the year for the teams to take full advantage of what they've been provided and ramp up.
Yeah, thank you. You touched on my follow-up there a little bit, but I'm just wondering if there was any expectations on product mix, like pricing mix changes into the second half with the ramp-up of Mammoth, or you kind of touched on yields and product quality there. I guess, is there any expectations on those kind of changes?
We're talking to a number of our clients that have expressed interest in some of the products that will come out of the mine going forward. For example, there's a really good PCI that we could put through out of Mammoth. We packaged up some samples and sent those to clients. The other that we're seeing in the U.S. with the northern longwall District and southern Longwall District is we've got slightly different products that are coming out of the south with different reflectance as an example. Clients are expressing interest in those. We will explore different products with our clients going forward and seeing if the value is there. We don't see material change to the products that we're going to be producing or what the market is seeking from us. We'll keep our cake mix pretty standard going forward.
Okay, I appreciate that you're still in your ramp-up curve for Mammoth between the three continuous miners. I was wondering if, from a cost front, are you seeing that costs are coming broadly in line with where you expect them to be at this point in time? Do you think you'd be able to hit that, the cost guidance that you put out on the project before is around $1 million a ton, from memory. Is that target still realistic? Just as a probably addition to that, inside of the operating costs and CapEx guidance for 2025, does that CapEx include a portion of capitalized costs for Mammoth as it's going through its ramp-up still?
The easy way to answer that is yes, yes, and yes. From a Mammoth managing its costs, absolute dollar spend, and across all of our business, if you look at our results, the team have done a great job in reducing costs if you compare quarter on quarter and year on year, particularly at Curragh. Mammoth is actually spending slightly below budget at the moment. It's the denominator at the moment because obviously there's much smaller tons that are coming through. As those tons ramp up, we very strongly anticipate to get to the numbers that we've put out previously and what you've quoted. In the ramp-up, yes, there's development meters that would be defined as capital that will serve the mine for the mine life, and those will get defined as development and get capitalized.
Yes, that is in the capital numbers, the cash capital numbers that Barrie van der Merwe referred to.
Brilliant. Thanks, Doug. I appreciate your answers. Thank you very much.
No worries. Thank you.
Thank you. Once again, if you wish to ask a question, please press star one. Your next question comes from Vikas Agarwala from Primus Asset Management. Please go ahead.
Hi. Thank you, guys. Can you hear me?
Yes, we can.
Yeah. Hi. Great. A couple of questions from outside. First on the production. The ramp-up for the expansion at Mammoth and Buchanan, based on what the first half production numbers are, sustainable volume is about 7.2. Can we expect this annual run rate of 1.3 showing up in the second half?
Sorry, I just didn't catch the last little bit. Did you quote a number that'll show up in the second half? If you could just repeat.
Product, production, yeah. The expansion, the incremental annual production, you have 3 million tons per annum from the expansion. How much of this will show up in the second half?
The U.S. ramp-up is unlocking and de-bottlenecking the long walls that are already producing at the run rates that we require. We've been skipping over 1,000 skips a day out of the old shaft. The enabling now that will come through with that de-bottleneck with that shaft will almost come immediately. There'll be some growth into it. We've planned in our production profiles that through this quarter, there'll be a ramp-up, and then in the fourth quarter, that'll be pretty much running at full capacity. As of my briefing from the team this morning, I can share with you that by tomorrow, we're hoping to go to full automation in that new shaft. We're at the back end of the commission phase, and that'll unlock the capacity there. Yes, that will ramp up.
From a Mammoth perspective, we've built this progressive ramp-up profile of one continuous unit that started in December, then in the second quarter, two. At the back end of June, we put the third one into production. In the third quarter, we'll still have a bit of a ramp-up phase as those become fully productive. In the fourth quarter of this year, that run rate of a 2 million ton incremental additional will be at the run rate that we expect out of the project at this stage, and we've planned it in. It's a logical and well-thought-through ramp-up profile that we will enjoy, the production, capacity, the additional production capacity that will come through the system.
Got it. In terms of the ABL review event, which happened in July or June, was there any cost associated or additional fees which need to be incurred for that review event?
No, there was none of that. We reviewed the business with Oaktree, and we moved on without any changes to the facility or any costs.
Got it. The next review event is scheduled in September.
Just say that again, Vikas.
I'm saying the next review event for ABL is scheduled in September.
No, the review events are triggers in the facility. If there's a credit rating downgrade, that causes a review event where you have to close down, kind of review the business. The next covenant test is for the quarter ended September, which will be tested in kind of November.
Oh, got it. That's more maintenance governance.
Correct. That's maintenance governance.
Okay. Great. Last question from my side. For the realized price, do you have any number you can share for the current exit rate for July?
No, unfortunately not, because we can't. I mean, we can only talk about what we've got in the quarter at this stage.
Got it. No problem. Thanks a lot.
Good.
Thank you. Your next question comes from Glynn Lawcock from Barrenjoey. Please go ahead.
Morning. Thanks again. I just wanted to ask, is there any rights that the U.S. bondholders have, given all the issues you're having at the moment with cash flow and everything you're doing? Is there any rights they have, or are they very clean and vanilla things?
Can you be just a bit more specific, Glynn? I mean, what are you talking about, covenants, or?
Yeah, sorry, Barrie. I mean, I guess I'm just like, is there anything they can do? Like, if you wanted to sell an asset or, you know, everything you're doing at the moment, do they have any ability to butt their heads in and sort of demand anything, or are they very much like, you know, you've got your Oaktree testing every quarter? I mean, how do the U.S. bonds work? I just wanted to make sure that there's any rights that they've got in you in this situation.
No, that's good, Glynn. I mean, they are the first ranking creditors in the group, and so they've got the top of the pile of the security, and that flows into the facility in that it is kind of less covenant restricted. There's no maintenance governance under the bonds, so you don't have leverage and interest cover or any of those things. The document is more about what incremental indebtedness you can incur, and there's certain buckets and rules and tests around that. It's more about can you add debt to the business, is what they're interested in, or are you eroding their collateral. If you are specific with respect to selling a stake in one of the mines, the document, the indenture actually allows for that, but you have to spend that money in the business within a year on capital.
As long as you're not eroding the collateral, you've got a lot of flexibility under the indenture, under the notes, to do certain things.
Okay. That's great. Thanks very much, Barrie.
Thank you. That concludes the question and answer section of today's call. I'll now hand back to Douglas for any closing remarks.
Thank you, Darcy. Thank you to everybody for making the time to join us today to understand how we've gone in the quarter. The business has clearly demonstrated that we've got mines and an operating team and a management plan that can flex the business and trim our sales to sell through challenging markets. We've got the runway now as a business to set ourselves up to make prudent decisions into the future. Very pleasingly, we've completed these two large enabling projects that unlock huge shareholder value in a challenging market. We look forward to enjoying the benefits of the incremental ton that will come from these into the future. Thanks for your time. If you've got any further questions, please do not hesitate to contact our team, and we'll set up discussions. Thank you.
Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.