Bumper quarter for New Hope

IT WAS good news all round for New Hope Corporation with production figures and sales up for the July quarter.
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Staff Reporter

Despite closing the Jeebropilly Mine in February, raw coal production increased 13% on the same time last year reaching 2.008 million tonnes, a new record for the company.

Figures for its annual coal production were even more promising with a 5% increase on last year and a record 7.016Mt of raw coal produced.

The Acland Stage 2 expansion was completed under budget and one month ahead of schedule and more than compensated for the loss of Jeebropilly.

The Stage 2 expansion has a capacity of 1.25Mt per annum and is operating at full capacity, contributing to the Acland mine's annual production of 3.65Mt while Oakleigh is expected to produce 500,000t in the coming fiscal year.

It boosted Acland sales by 45% for the quarter and 6% annually while sales at the company's West Moreton mines, Jeebropilly and Oakleigh, dropped 17% and 6% respectively.

The company has its sights set firmly on Central and South East Queensland, with ongoing drilling and analyses at the Lenton and New Saraji coking coal resources, while exploration permits have been submitted for the Darling Downs and two areas in Tasmania.

New Hope's coal sales agreement with Tarong Energy Corporation will be decided by September 30 after the energy company was granted a validity date extension.

If given the go-ahead Acland coal will be transported to the Tarong Power Station via conveyor after the energy company opted to use conveyors rather than a dedicated rail line.

The Acland reserve boasts 793Mt of total in situ reserves and 236Mt of marketable reserves.

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