v3.25.2
Contract Obligations
 6 Months Ended
Jun. 30, 2025
Contract Obligations [Abstract]  
Contract Obligations
11.
 
Contract Obligations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(US$ thousands)
June 30, 2025
December 31,
2024
Current
Coal leases contract liability
$
843
$
843
Stanwell below market coal supply agreement
21,140
36,247
$
21,983
$
37,090
Non-current
Coal leases contract liability
$
18,981
$
19,156
Stanwell below market coal supply agreement
13,101
8,616
Deferred consideration liability
319,082
285,050
Prepaid coal supply liability - Stanwell
97,823
—
$
448,987
$
312,822
Prepaid Coal Supply Liability - Stanwell
On June 10, 2025,
 
the Company and Stanwell
 
Corporation Ltd, or
 
Stanwell, entered into a
 
deed of amendment
and amended
 
the New
 
Coal Supply
 
Agreement dated
 
July 12,
 
2019, or
 
NCSA, whereby
 
Stanwell will
 
provide
approximately
 
$
150.0
 
million
 
of
 
near-term
 
liquidity
 
to
 
the
 
Company
 
in
 
exchange
 
for
 
the
 
supply
 
of
 
additional
tonnage of thermal coal under the NCSA.
The Deed of Amendment included a $
75.0
 
million (A$
116.1
 
million) prepayment on completion, and the Stanwell
rebate waiver
 
and deferral
 
from April 2025
 
to December
 
2025 (with an
 
estimated value
 
of approximately
 
$
75.0
million), as they are incurred, both of
 
which will be settled through reduction of the gross
 
proceeds to be received
on the physical delivery of thermal coal
 
to Stanwell of up to
0.8
 
MMt per annum over
five years
, or until such time
that the obligation
 
is fully
 
settled, starting
 
in 2027.
 
This Prepaid
 
Coal Supply
 
Liability bears
 
interest of
13
% per
annum.
 
For the
 
three and
 
six months
 
ended June
 
30, 2025,
 
the Company
 
recognized interest
 
expense of
 
$
0.7
 
million
related to the financing component of the advance payment
 
and deferred rebates.
 
Contract liability
 
related to
 
this arrangement
 
will be
 
settled as
 
the physical
 
delivery of
 
coal occurs
 
and performance
obligation is satisfied.