...December 8, 2023 What's new: S&P Global Ratings revised its forecast for Conuma Resources Ltd. to incorporate higher-than-estimated capital spending and higher forecast metallurgical coal (met coal) prices. The spending will go toward restarting the Quintette mine that Conuma acquired from Teck Resources Ltd. earlier this year. We now assume capital expenditure (capex) of about C$170 million in 2024 or 30% higher than what we had anticipated earlier this year. This increase stems primarily from upgrading Quintette's water management infrastructure and acquiring new mine equipment (including rail- related infrastructure) that we expect to increase the long-term capacity of Quintette to about 4 million metric tons per year (mt/year) from about 2.5 million mt/year. We assume Quintette will start production in the third quarter of 2024, which is a few months later than we had expected. In our view, the delayed start will lead to slightly lower consolidated production in 2024 and 2025 as production...
