The company, which also owns mines in America, said its sales increased 8.3 per cent in the June quarter while prices dropped almost 30 per cent, but still ended the year at $US233 a tonne ($A343), which would keep it in the top royalty bracket.

Prices from the Curragh mine were $US239 a tonne, reflecting a 81.6 per cent “realisation” on the first half average index prices.

Coronado chief executive Douglas Thompson said prices would remain under pressure in the short-term, but above historical levels. He expected a rebound in the third quarter as restocking demand increased in India and China.

“Coronado anticipates short-term bearish sentiment will continue to dampen demand and pricing for metallurgical coals in July and August, before restocking demand improves market dynamics thereafter,” Thompson said.

“Despite these short term headwinds, Coronado expects pricing to remain above the long-term average price of $US192 a tonne.”

The company also said its board had given the green light to the Curragh North underground project which would lift its saleable product from Curragh to 13.5 million tonnes a year from 2025.

Thompson said Curragh had an excellent June quarter. Saleable production jumped to 3 million tonnes, an increase of 41 per cent on the March quarter when the mine was hit with above average rainfall.

The company said it was still investigating acquisitions in Australia. Currently, BHP has two of its Queensland coal mines in the market and Coronado has been mentioned previously as a potential buyer.