2 ASX 200 mining stocks surging despite sector weakness

MotleyFool
01-23

ASX 200 mining and materials stocks are lagging the market on Thursday.

The S&P/ASX 200 Materials Index (ASX: XMJ) is the weakest market sector, down 1.45%.

By comparison, the benchmark S&P/ASX 200 Index (ASX: XJO) is down 0.63%.

However, two ASX 200 mining stocks are outperforming their peers due to positive quarterly reports.

Let's take a look.

Which 2 ASX 200 mining stocks are rising amid sector weakness?

Regis Resources Ltd (ASX: RRL)

ASX 200 gold stock Regis Resources rose by 2.9% to hit a new 52-week high of $3.18 per share today after the miner released its December quarter report.

Regis Resources reported gold production of 101.3 koz at an all-in-sustaining cost (AISC) of $2,317/oz over the quarter.

The miner sold 118.1koz of gold for $482 million at an average realised price of $4,076/oz.

Like all gold miners, Regis Resources benefitted from a continuously strong gold price.

Regis said its operating cash flow for the quarter was $215 million. The miner increased its cash and bullion by a record $149 million to $529 million and repaid its $300 million Term Loan Facility early.

The miner is now finalising a new revolving credit facility.

Regis managing director Jim Beyer said:

It is worthy to note that for the first time since Regis commenced production nearly 15 years ago, we are now debt free and unhedged.

In November, Regis commenced legal proceedings challenging the Federal Environment Minister Tanya Plibersek's declaration of protection over part of its approved McPhillamys Gold Project in New South Wales.

The company hopes Plibersek's decision will be ruled invalid and the matter will be resolved by mid-2025.

Coronado Global Resources Inc (ASX: CRN)

ASX 200 coal stock Coronado Global Resources is up 5.9% to 75.5 cents per share at the time of writing.

The metallurgical coal miner released its December quarter report today.

Coronado reported quarterly revenue of $558 million and total revenue for 2024 of $2,508 million.

As of 31 December, the miner had $340 million in cash and $468 million of available liquidity.

Average mining costs for the quarter totalled $97.30 per tonne, 17% lower than the previous quarter.

Coronado said this reflected improved productivity and cost reductions at the Curragh Complex.

Last month, the miner opened its Mammoth Underground Mine on time and on budget.

The company expects to progressively increase production to Mammoth's steady state level over the new calendar year.

Meantime, the Buchanan project expansion remains on budget and on schedule.

The company said:

The focus for 2025 remains on driving operational improvements and further reducing costs which are underpinned via ongoing productivity enhancements and the development of our organic growth pipeline, particularly the Mammoth Underground Mine and Buchanan Expansion projects, both of which are expected to have extremely positive prospects and continue to be developed from available cash.

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