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PERTH (miningweekly.com) – Coal miner New Hope Corporation has reported a stellar first half, with revenue up 63% on the previous corresponding period, profit before tax up 295% and net profits after tax up by 265%.
“This strong operating result is the culmination of several factors, including increased sales of four-million tonnes, improved spot coal prices and continued cost management efforts,” New Hope MD Shane Stephan said on Tuesday.
Revenue for the first half of the year reached A$374.6-million tonnes, with profits before tax up to A$79.9-million, while net profits after tax was recorded at A$54.9-million.
Run-of-mine production for the first half of 2017 reached 7.4-million tonnes, up from the 5.1-million tonnes in the previous corresponding period, while coal sales reached 4-million tonnes, up from the 2.7-million tonnes sold in the first half of 2016.
New Hope’s two operated mines in Queensland produced 2.7-milliont tonnes of coal during the six months under review, while the Bengalla operation, in New South Wales, in which New Hope holds a 40% share, contributed 1.7-million tonnes during the interim period.
“Our strategic management of timing in terms of the acquisition of 40% of the Bengalla joint venture, combined with the underlining strong performance of our Acland and Jeebropilly mines have delivered,” Stephan said on Tuesday.
“Our focus for the future remains on safe production and progressing state government processes for the approval of the continuation of the Acland mine,” he added.
New Hope was planning to spend some A$900-million on the New Acland Stage 3 expansion, that will expand the mine’s yearly output from 4.8-million tonnes to 7.5-million tonnes and will extend the operation’s life beyond the current end-date of 2017/18.