New Hope posts solid quarter
PERTH (miningweekly.com) – Coal miner New Hope Corporation has posted solid results for the quarter ended April, with underlying earnings before interest, taxes, depreciation and amortisation up by 14.8% on the previous quarter, to A$448.1-million.
New Hope this week reported that run-of-mine coal production for the quarter was up by 27% on the quarter ended January, to 2.6-million tonnes, with saleable coal production up 32% to just over 2-million tonnes, as the Bengalla operation, in New South Wales, increased production.
Coal sales for the quarter also increased by 47%, to 2.1-million tonnes, from the 1.4-million tonnes sold in the previous quarter.
New Hope told shareholders that the expansion of the Bengalla operation to 13.4-million tonnes a year run-of-mine was progressing well, with construction work having started on the coal handling and preparation plant (CHPP) tailings capacity upgrade project.
In Queensland, the company is also continuing with the New Acland Mine Stage 3 expansion, with the CHPP refurbishment project ongoing and the company preparing the plant for first coal washing during the first quarter of 2024. The miner is expected to spend A$15-million on the CHPP refurbishment.
Preparation is also under way for major infrastructure work at New Acland, with the company expected to invest A$198-million on major infrastructure works.
In the meantime, the miner is facing a fresh legal challenge against the Stage 3 expansion, with environmental group Oakey Coal Action Alliance having launched a challenge against the Queensland government’s grant of an associated water licence in the Land Court.
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