Coronado Global Resources chief executive Gerry Spindler has abandoned his strategy of focusing the company solely on coking coal for steel making, saying thermal coal may be more valuable for an extended period and investors have not rewarded his company for avoiding the most controversial fossil fuel.

Speaking as his coking coal pure-play continues merger talks with thermal coal giant Peabody, Mr Spindler said it was no longer in shareholders’ best interests for Coronado to avoid thermal coal for power generation.