4 September 2025
Douglas Thompson, CEO and Managing Director of Coronado Global Resources, delivered a compelling update on Coronado’s progress at the sold-out annual Rockhampton luncheon.
His address focused on operational excellence, strategic execution, and the broader role of Queensland’s coal industry in the state’s economic future.
A journey of transformation
In 2011, Coronado started as a private equity venture. Acquiring high potential coal assets, working on operational improvements, and selling them on, the business’s trajectory changed when they acquired the Curragh asset near Blackwater. With this acquisition, Coronado shifted approach to a strategy centred on unlocking long-term shareholder value and driving market cap expansion through sustained operational performance.
The company now operates as a US-registered and ASX-listed entity with three mine sites in Queensland and seven US sites, making it the seventh largest exporter of metallurgical coal globally. This successful dual listing broadens market access and visibility, while also elevating the company’s governance and stakeholder communication practices.
Safety-focused culture is non-negotiable
Focusing strongly on safety performance since inception, Coronado has shifted the needle from concerning injury rates to industry-leading benchmarks. Douglas stated that sustainable operational performance requires both physical and physiological safety to create an environment where employees feel valued and secure. He made it clear that ensuring the right safety culture is a prerequisite for achieving optimal performance.
Operational excellence at Curragh
With the goal of maximising output, he outlined the complex engineering challenges involved in optimising Curragh’s two open-cut sites. Using the analogy of managing a 12-storey car park whilst simultaneously constructing it, Douglas explained the three-dimensional complexity of best practice mining.
Making drag lines the primary waste movement method and reducing the sites’ truck and shovel fleet requirements, the Curragh team successfully shaved over $100 million in costs, with group-wide efficiency improvements exceeding $200 million. Essentially, they simplified operations, optimising dragline positioning and restructuring the operating model from one complex operation into three distinct, manageable mines. Another key strategy has been transparent, full collaboration with third-party expertise in emerging technology, and open sharing of results and methodology.
Mammoth underground development
In the last two years, Mammoth, Coronado’s new underground operation has achieved regulatory approval and produced first coal in December 2024. The project added about 41 million tonnes of reserves for around $100 million, in start-up costs, representing exceptional value compared to new asset purchases. The team achieved above and beyond to meet the “Christmas coal goal” and is currently ramping towards full production. This is Coronado’s first underground operation in Australia, giving the business strategic access to coal even when open-cut delivery is not possible for example during weather.
Looking ahead, Douglas outlined potential expansion opportunities including Mammoth 2 and 3 developments, which could add another 3 million tonnes of annual production, create approximately 500 additional jobs and extend Curragh’s mine life significantly.
‘More than a hole in the ground’
Douglas presented compelling statistics on Coronado’s contribution to the state. Coronado alone has contributed $6 billion to Queensland coffers since listing, creates 2,500 jobs at its Central Queensland sites and supplies 15% of the state’s energy requirements through its contracts with Stanwell Corporation.
To add perspective, the $6 billion in royalties could have built 12 full regional hospitals or provided 20 years of the state’s disaster relief budget – or 60% of the venue infrastructure costs for the 2032 Brisbane Olympics.
Emulating LNG’s success
Douglas’s parallels between Queensland’s LNG transformation into a strategic industry and the opportunities for coal framework provocatively suggested that the industry draw on LNG’s strategies for policy settings and industry collaboration. The coal industry already has many advantages including established infrastructure, proven regulatory frameworks, a skilled workforce, strategic location and strong local community support.
His analysis identified key areas where coal could mirror LNG’s trajectory: economic impact through job creation and investment attraction, energy security positioning, regulatory certainty for investors, strategic export development, and unified policy frameworks. Douglas challenged the audience with the question: “Could we not do the same with coal again?”
The next BBMC event will be the annual executive panel discussion in Mackay on 20 November.