Coronado, which owns the Curragh mine said it had already eclipsed $US1 billion in earnings in nine months of the year, but it would not meet its previous volume guidance because of the heavy rain.

That may prevent it and other coal producers in the region getting the most benefit from high coal prices.

Coking coal prices last week were as high as $US247 a tonne ($A370), but Curragh has also been sending some of its coal into the booming thermal market for use by electricity generators and high grade thermal has been selling for $US353 a tonne.

“The record rainfall experienced by Coronado and our peers in 2022 across the Bowen Basin has been unprecedented,” Coronado managing director Gerry Spindler said.

“Extraordinary rain events across the Bowen Basin have continued in the December quarter.

“The town of Blackwater, the nearest town to Curragh, received 224mm of rain in the two months of October and November, representing more than double the 10-year average rainfall for the region.

“Rainfall totals between April and November have totalled 615mm which is nearly three times higher than the 10-year average of 223mm over that period.”

It isn’t unusual for wet seasons to impact coal production in Queensland but it doesn’t usually happen in winter and spring.

Curragh said its previous guidance of production of between 16.9 million tonnes and 17.1 million tonnes would not be met and full year mining costs of between $US81 and $US83 per tonne was “also at risk”.

“Group sales volumes for full year 2022 are expected to remain higher than production levels.”

Australia was now in its third consecutive La Nina which has also been impacted by other climate events such as the negative Indian Ocean dipole, both of which can lead to more rain in the eastern states.

Research suggests that climate change could have an impact on both the severity and frequency of events like the El Nino and La Nina weather patterns.