business|coal|construction|financial|logistics|mining|project|supply chain|water|environmental|operations

New Hope posts solid full year

Image shows coal stacker and heaps

Photo by Bloomberg

19th September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


Font size: - +

PERTH ( – Coal miner New Hope Corporation has reported a solid financial year for the year ended July, with net profits after tax and underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) both growing.

Despite saleable coal production in the 2023 financial year declining to 7.2-million tonnes, from the 7.9-million tonnes achieved in the 2022 financial year, net profits after tax increased from A$983-million to A$1.08-billion as strong demand and global supply chain constraints pushed thermal coal prices to record levels in the first half of the financial year.

Underlying Ebitda for the same period increased from A$1.57-billion to A$1.74-billion.

“Exceptional performance across the business throughout FY23 enabled our team to capitalise on the market conditions, finishing the year with A$730.7-million cash at bank, no debt following the convertible note repurchase and a net asset position of A$2.525-billion,” said New Hope CEO Rob Bishop.

“This outstanding result has enabled the company to reward shareholders with a final fully franked dividend of 21c per ordinary share, and a special fully franked dividend of 9c per ordinary share.”

“Our flagship operation, the Bengalla mine, delivered 9-million tonnes of saleable production in the 2023 financial year, a reduction of 3% compared to 2022 and a commendable effort in light of rainfall, flooding and logistics disruptions.

”During the year, all necessary approvals from the Queensland government for the New Acland mine Stage 3 were secured, including an Environmental Authority, Mining Leases and an Associated Water Licence.

“We are proud to be welcoming team members back to New Acland. Stage 3 operations commenced at the mine’s Manning Vale East Pit in May 2023, and the coal handling and processing plant washed first coal earlier this month,” he added.

The Stage 3 expansion project will increase the mine’s yearly output from 4.8-million tonnes to 7.5-million tonnes and will extend the operation’s life by 12 years.

At the peak of construction, there will be approximately 600 local workers at New Acland mine. Throughout the life of the project, the permanent workforce will be approximately 400 full-time roles, made up of Darling Downs locals.

First coal sales from the Stage 3 project are targeted in the 2024 financial year, and the project will ramp up to full production by the 2027 financial year.

New Hope is expected to spend A$459-million on the project over the next three financial years, which will be funded by operational cash flows.

Edited by Creamer Media Reporter



Image of tin ore
Oropesa tin project, Spain
Updated 1 hour 26 minutes ago By: Sheila Barradas



Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...


We are dedicated to business excellence and innovation.


Latest Multimedia

sponsored by

Resources Watch
Resources Watch
12th June 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.276 0.319s - 91pq - 2rq
1: United States
Subscribe Now
2: United States