The Coronado Global Resources Inc (ASX: CRN) share price is down in the dumps on Monday after the company revealed takeover talks between it and a global coal giant have gone up in smoke.
It was previously in discussions with Peabody Energy Corporation (NYSE: BTU) regarding a potential combination of the companies. However, such talks have come to an end.
The market isn't reacting well to the news. It's bidding the Coronado share price 5.95% lower to trade at $2.135 right now.
Let's take a closer look at the latest news from the S&P/ASX 200 Index (ASX: XJO) coal miner.
ASX 200 coal share tumbles as takeover talks abandoned
The Coronado share price is tumbling on news it won't be merging with $6 billion New York-listed coal pure-play Peabody.
The pair confirmed they were discussing joining forces after rumours hit headlines last month.
As The Motley Fool Australia reported at the time, their combination would have created a $9 billion powerhouse, with both companies operating coal mines in Australia and the United States.
Though, the ASX 200 coal giant said today's announcement wouldn't impact its plans for the fourth quarter.
The Coronado share price was unmoved when the company downgraded its full-year guidance on the back of wet weather events last week.
It now expects to post between 16.9 million tonnes and 17.1 million tonnes of saleable production in 2022. That's down from prior guidance of between 18 million tones and 19 million tonnes.
It also incorporates fourth-quarter production estimates of between 5.3 million tonnes and 5.5 million tonnes.
It also expects its average mining costs per sold tonne to come in at between US$81 and US$83 in 2022 – up from prior guidance of US$79 to US$81.
The company's focus is on upping its production this quarter. Today's release stated:
Coronado continues to pursue and implement its existing capital management plans and remains focussed on its existing capital investments and long-term development strategy.
Coronado Global Resources share price snapshot
Today's fall hasn't been enough to plunge the Coronado share price into the long-term red.
The stock has gained 65% since the start of 2022. It's also 61% higher than it was this time last year.
Meanwhile, the ASX 200 has dumped 9% year to date and 7% over the last 12 months.
