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Coal|PROJECT|Resources|Underground
Coal|PROJECT|Resources|Underground
coal|project|resources|underground

New Hope takes up bulk of Malabar’s A$160m raising

7th February 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Coal miner New Hope committed to take up A$105-million of a minimum A$160-million institutional placement equity raising launched by coal junior Malabar Resources on Wednesday.

The investment will increase New Hope’s shareholding in Malabar to about 23%.

Malabar will issue about 88.9-million shares at A$1.80 a share to raise proceeds for its Maxwell project, which is located in the Hunter Valley of New South Wales.

The Maxwell underground mine will comprise of a 300 m longwall, producing about 120-million tonnes of high-quality coal over a 25-year mine life. In the near term, the longwall will be supplemented by the bord-and-pillar mine, producing about six-million tonnes over ten years.

Edited by Creamer Media Reporter

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