Another company, Terracom, which produces thermal coal for energy production, said the booming prices meant it generated an operating EBITDA of $281 million for the December half alone.

Its Blair Athol mine in Queensland earned an average $450 a tonne. Stanmore Resources reported similar pricing for its coal, which meant the companies were still paying the top tier 40 per cent royalty to the State Government.

Terracom has rewarded shareholders with $160 million in dividends in the past six months on the back of the record earnings. Its shares are up 444 per cent on a year ago but dipped back to $1 this morning when the market opened.

But the performance came as mines battled heavy rains in central Queensland which had restricted production. Bowen Coking Coal last week said the Dalrymple Bay coal terminal had to declare a force majeure because of the impact of rains.

Stanmore Resources said strong buying emerged in November when pricing was about $US250 a tonne but the Indian Government reversed its decision on steel export tariffs which was viewed as positive for metallurgical coal. Also, India and Australia ratified a free trade agreement in December.

“This, along with expectations in early December if the imminent emergence of Chinese import demand for Australia coal has driven the market towards its early January 2023 high of approximately $US315 a tonne,” Stanmore said.

China had banned the import of coal as well as other Australian commodities following a brawl with the Morrison Government.

Stanmore also increased its exports by 14 per cent compared with the previous quarter.