I would now like to turn the conference over to Chantelle Essa, Vice President, Investor Relations. Please go ahead.
Thank you, Operator, and thank you, everyone, for joining Coronado's full-year 2024 Investor Call. Today, I am joined by our Managing Director and CEO, Douglas Thompson. Today, Coronado released its full-year financial results to the market, including our Form 10-K, annual report, full-year earnings release, and results presentation. All of these materials are available for free on our website at coronadoglobal.com. Within our results presentation, you will see our important notices and disclaimers and reconciliations of certain non-U.S. GAAP financial measures. We encourage you to review these statements, as well as our other filings with the ASX and SEC. I remind everyone that Coronado quotes all numbers in U.S. dollars and metric tonnes unless otherwise stated. I will now hand over the call to Douglas.
Thanks, Chantelle. I would also like to welcome all of you to the full-year results presentation, and thank you for making the time. As we navigate through the presentation today, we're pleased to start with our highlights. We've uniquely positioned ourselves to be at the right time for competitive advantage within met coal market. 2024 has been a year of performance improvement and preparation for growth. We have repositioned for scale and lower-cost structures. We've achieved major improvements in our existing operations with substantial productivity improvements and cost reductions. We're investing for growth in the business at multiples better than in industry, and we're on the cusp of significant cash improvements with the Stanwell legacy contract expiring. We have multiple opportunities, which we are pursuing for further expansion due to the large reserve base that we have.
We remain uniquely positioned for the potential advantage that will come from the tariffs and the trade flows that will result. We're located near key rail and port infrastructure, providing access to both domestic and seaborne markets. Our met coal is well-established in key markets with our attractive product characteristics, and we maintain a diverse customer base focused on Asia, whereas the largest demand for met coal now and into the future. Our business is poised for significant growth with the Mammoth Underground and Buchanan Expansion projects set to deliver an additional 2.5-3 million tonnes per annum of incremental met coal to the seaborne market once at full capacity. Both projects are designed to offer higher margins that are expandable, low-cost capital intensity, and attractive payback periods. Leveraging our deep underground experience, these projects are positioned for success.
Mammoth achieved first coal production in December 2024, and at Buchanan, we're on track to bring the raw coal storage area and the second set of skips into operation in Q2 2025. To showcase these exciting developments, we have prepared a video to give you a closer look at the progress that we've made, and we'll be showing this to you at the end of my address. So we'll now move on to our operations update. We'll follow that with a bit of a financial results summary. We'll spend some time talking about the market. We'll look at our guidance and the interim priorities for the future, and ultimately, we'll do some Q&A. So with that, let's turn to safety first. Our group total recordable incident rate as of the 31st of December 2024 was 1.18. Both our regions are well below respective industry averages.
These safety outcomes are the result of daily focus and effort by our people and the leadership teams. Our group performance reflects major improvements in our existing operations. We achieved a 5% increase in ROM production year-on-year from 2022 and 2023. Our total sellable production reached 15.3 million tonnes, further supported by higher-than-planned ROM inventory goal of 600,000 tonnes at the end of the year, and our sales performance was maintained at 15.8 million tonnes. At our Australian operations, the dragline systems hit a 55% peak waste removal, marking a three-year high. This is a delivery of exceptional results from our dragline systems performance, and there's a 15% improvement on the prior year. Increased dragline efficiency enabled us to reduce the number of truck and excavator fleets that we need in Curragh, and this was reduced from 16 to 11 through the course of 2024.
We introduced a new operating structure aimed at optimizing production and improved our overall efficiency. These efforts supported the 5% productivity improvement across all our truck and excavator fleets in 2024. And all these improvements contributed to approximately $100 million reduction in our cost. At our U.S. operations, Buchanan and Logan delivered strong performance, both delivering an 11% increase in ROM production. At Buchanan, the operations continued to benefit from the flexibility offered by our two longwalls. Skip efficiencies were maintained at an impressive 97% due to improved utilization during longwall moves. Overall, we achieved up to a 6% improvement in efficiency and longwall availability. At Logan, we saw a successful re-entry into Powellton Underground Mine and the expansion of our surface works, including the addition of a highwall miner. To finish the operations section, we've mentioned cost reductions numerous times on these calls.
To highlight the magnitude of the $100 million reduction, mining costs had decreased 66% from January through to December. Our aspiration is to reduce our costs further, another 25% once our Mammoth project is in steady state. We're targeting $82 a tonne for our Australian operations, which will reposition us on the cost curve. Our cost out program is a critical priority for the business, and it is well developed with robust action plans and will continue to deliver additional cost savings. And then the additional productivity and volumes that will come from Mammoth Underground will also play an important role in the cost reduction by increased sales. Moving to our financial results, we maintained a strong balance sheet discipline despite the impacts on steel markets and met coal markets from global economic headwinds. Our company generated a group revenue of $2.5 billion, which is our third highest in history.
95% of our revenue was generated from met coal sales. we realized an average met coal price across all of our products of $185 a tonne, reflecting a mixture of free-on-board, free-on-rail, and domestic pricing arrangements. While our revenue was third highest in history, it was lower than the record set in prior years, given the average met coal prices falling 19% year-on-year. The company closed the year with adjusted EBITDA of $115 million and $340 million in cash. Within these numbers, we not only funded our accretive growth projects with a capital expenditure of $250 million. Our business also paid $413 million in corporate taxes, government royalties, and rebates that continue to substantially add to our operating costs. We generated $74 million of operating cash in 2024, and that is $156 million if you take out the non-cash movements and the deferred stamp duty that remains in dispute.
We successfully issued a $400 million 9.25% senior secured notes due 2029, and this offering was many times oversubscribed. To note, the tenure is beyond the current Stanwell agreement ending. The Board declared our biannual fixed bank ordinary dividend of $8.4 million, which is $0.005 per CDI, as per our dividend policy. The dividend will go ex-dividend on the 11th of March, and we will have a 12th of March dividend record date. On the 4th of April, the dividend will be paid. Going on to the markets. In 2024 the global met coal market demonstrated resilience. Export demand grew by 6% to 388 million tonnes, despite facing multiple global challenges while met coal prices declined to a three-year low, falling approximately 20% due to uncertain economic conditions and the weak market sentiment from China, the outlook remains positive.
Forward curve pricing for 2025 and 2026 shows promising increases, with prices projected to $227 a tonne and $229 a tonne, signaling some potential recovery and stability in the market. Looking ahead, the global crude steel production is forecast to grow by 16%, reaching 2.1 billion metric tonnes by 2050, further boosting the demand for met coal. As steel production increases, met coal export demand is expected to capture a large share of the market, increasing by 12% by 2050. These trends, along with the expected growth in both steel production and met coal export demand, set a strong foundation for long-term growth and continued business success in the years to come. The future of the met coal industry looks incredibly promising, with a strong demand expected to persist through to 2050.
Global export demand for met coal is forecast to grow significantly, reaching 482 million tonnes by 2050, driven primarily by blast furnace and steel production in India. India's demand alone is projected to increase an impressive 181% by 2050, making it a key driver in global growth. Coronado, with its high-quality long-life assets, is well positioned to capitalize this growth demand. India continues to be one of our largest export markets. In 2025, we will also see the industry face the potential supply shortages of around 15 million tonnes due to cost curve pressures and operational constraints. We've grown our business at the right time to leverage this potential opportunity. Now looking forward to our guidance and our future priorities. The 2025 guidance range considers the ramp-up of Mammoth and the Buchanan Expansion.
Coronado is guiding for sellable production between 16.8 and 18 million tonnes, and mining costs between $92 and $105 per tonne, and a capital expenditure of $230 million-$270 million. With several milestones achieved in our business, we're guiding for higher sellable production levels in 2025. Production is expected to increase following the ramp-up of Mammoth Underground and the completion of the Buchanan Expansion project. The production increases are weighted towards the second half of the year, reflecting the timing of these projects. And our mining cost per tonne sold is expected to decrease due to the higher production and our continued cost-out programs. On our existing operations, our 2025 priority is to continue to improve productivity, reduce costs, drive performance reliability, and leverage market dynamics. At Curragh, we will be focused on delivering productivity and reliability improvements, and the cost-out program remains critical.
At Logan and Buchanan, we see steady state from these operations in 2025. Throughout 2024, Buchanan's dual longwall have demonstrated the required throughput rates that we've planned for 2025. And we will continue to leverage the ongoing incremental gains we can get from these assets. We are well positioned by having Australian and U.S. assets to take advantage of freight opportunities, tariffs, and the trade rebalance that we will see. We will also have the ability to optimize on product mix based on market requirements. We're excited to execute our existing growth projects with Mammoth Underground and Buchanan, as they are key catalysts for guidance growth in 2025. And as these projects are being delivered, we're assessing expandability scenarios for these projects with Mammoth Phase Two and Phase Three and further capacity expansions at Buchanan.
It's important to make clear the substantial value uplift our business will be achieving once the existing Stanwell supply coal agreement expires. From late 2026, early 2027, these arrangements will expire, resulting in significant cash flow increases. While we will retain a coal supply agreement to Stanwell for the supply of 2 million tonnes per annum on average at the end of this current CSA, we will now have an additional 1 million tonnes to sell into the export market, which will boost our revenues. Additionally, the Stanwell rebate will no longer be payable, substantially reducing our cost base, and the size of this cost reduction is approximately 10% lower mining costs at a group level. We'll also maintain a focus on our existing exciting reserve base with Mon Valley and Russell County in focus, and we'll be inquisitive about opportunities that will present themselves around M&A.
So to offer you a deeper insight into our vision, our improvements, and growth projects, we will now play you that brief video I mentioned earlier, which will hopefully bring you closer to the heart of our business and provide you further color to what I've presented today.
At Coronado, steel starts here. At Coronado Global Resources, steel starts here. The world's reliance on met coal remains crucial, and Coronado is a key supplier of this essential commodity. In 2024, we continued to invest in organic growth and emissions reduction projects, laying a strong foundation for long-term value creation for our shareholders while ensuring the sustainability of our business for decades to come. As steel demand grows, met coal is positioned to continue to play an integral role in infrastructure development and the energy transition globally.
Recognized as a critical resource, we expect met coal to remain a cornerstone of global steel production and the world's expanding energy needs. We are diligently delivering on our strategic priorities, positioning Coronado to meet the rising demand for raw materials as the global energy transition continues. Steel remains vital to global infrastructure and energy goals, driving the need for high-quality met coal. With 10 separate mines operating across three major complexes in Australia and the USA, we are built for scale and positioning, ensuring a reliable supply to expand progress and support global aspirations. This is why we exist. In Australia, at our Curragh Complex, we've successfully continued to execute the One Curragh Plan, improving efficiency and streamlining operations into three mines: Curragh North, Curragh South, and Mammoth Underground Mine. The optimization of Curragh North and Curragh South into efficient dragline operations has already exceeded expectations.
With this resilient platform in place, our focus now shifts to driving further productivity gains and maximizing long-term potential. The Mammoth Underground Mine is now operational, adding up to two million tonnes of capacity to the Curragh Complex. Mammoth has a reserve base of 41 million ROM tonnes accessed via the existing open-cut highwall extension. First coal was cut ahead of schedule on 19 December 2024, marking a major milestone in production. Mammoth's development extends beyond Phase One. Studies are underway for a Phase Two and Phase Three expansion, each planned to unlock further value. Even in its initial stage, the Mammoth Mine offers substantial upside as production ramps up. This achievement is expected to deliver long-term value for shareholders through lower cost production, increased margins, and expandability, positioning Mammoth as a key driver of future growth and increasing supply to meet global demand.
In the U.S., at Buchanan, we've also made significant strides in executing our growth plans. The Buchanan Expansion is planned to be a major contributor to our U.S. target of 7 million tonnes sellable production per year. Progress on the Buchanan Expansion project is on track to be fully operational in June 2025 and is expected to increase tonnage and productivity through expanded storage and hoisting capacity, delivering a significant boost in sellable production. The construction of a second set of skips is moving forward, with shaft excavation and concrete lining now finished. With the additional Southern Longwall District in production since January 2024, the expanded coal stockpile space is expected to drive further productivity improvements. Following the success of our first ventilation air methane (VAM) unit at Vent Shaft 16, we've completed the second unit at Vent Shaft 18.
As an industry leader in the use of VAM RTO technology, this unit is already contributing to emissions reduction at Buchanan, helping us make significant progress toward our targets. We will continue to assess the potential for a third unit during 2025, yielding further opportunities to reduce our emissions across our business. Looking ahead, as we complete the ramp-up of our Mammoth Underground Mine and Buchanan Expansion in 2025, we continue to the next phase of our plans. Operationally, we see 2025 as a catalyst for growth as the successful execution of our plans is realized. We will continue to look at opportunities to further grow the business organically and inorganically. In 2027, we anticipate the completion of our legacy Stanwell arrangements, which could enable us to grow our exports by a further one million tonnes per year at a reduced cost.
If you wish to ask a question, you may 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. Once again, if you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. Seeing no questions, that concludes the question and answer section of today's call. I'll now hand back to Douglas for any closing remarks.
Well, thank you, everybody. I'll now present that, well, that there's no questions. I suspect people have moved on to the next calls that are back-to-back today. But thank you for making the time.
In closing, our business has taken a long-term view on creating shareholder value, and I think you can see that through what we've presented today. We've completed major improvements at our operations, and we've invested significantly in the growth and cost reduction that is demonstrated, as we reach our milestones that we've achieved to date and continue to achieve, we're positioned to deliver increased margins, increased volumes, and resulting cash flows. With that, thank you for your time.
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