The company, which owns the Curragh mine in central Queensland and others in north America, posted net income of $US189 million ($A261 million), a 184 per cent increase. Revenue was $US2.1 billion ($A2.9 billion) versus $US1.46 billion in 2020.

Investors will benefit from the result with dividends of $US150 million ($A207 million). Another $US100 million will be spent to buy back senior secured notes at 104 per cent.

The result was based on saleable coal production of 17.4 million tonnes, up from 17 million the previous year. Mining costs were up 18 per cent.

Managing director Gerry Spindler said the prospect of prolonged higher metallurgical coal prices was apparent as demand for steel continued to rise and outstrip short term supply.

He said Coronado would target improved production rates in 2022 to take advantage of higher prices.

The company generated a record quarterly revenue in the December quarter of $US774 million.

Coronado has also benefited from being able to sell coal into China from its American mines, which are not impacted by the trade embargo on Australian coal. It said it expected China to increase imports after the lunar new year and Olympics, which finished this week.

“Coronado expects pricing to remain at elevated levels in the short term due to supply constraints but expects some moderation in met coal prices later in the year as supply recovers,” it said.

Queensland company Metarock has also signed a deal with QCoal for contract mining at the Cook Colliery for the next four years.

The mine has been in care and maintenance since it was bought by QCoal in 2020 but has since been recommissioned by Metarock and is ready for production.

The project is expected to deliver about 190 jobs over the term of the contract. About 60 are already on site.

The project is expected to produce about 4 million tonnes of coal over four years generating revenue of about $70 million.