New Hope ready to weather downturn

QUEENSLAND thermal coal producer New Hope reduced its saleable coal production by nearly 1% year-on-year to 1.42 million tonnes in the recent quarter but also lifted its coal sales by 4.4% year-on-year.
New Hope ready to weather downturn New Hope ready to weather downturn New Hope ready to weather downturn New Hope ready to weather downturn New Hope ready to weather downturn

The north pit at New Hope's Acland mine.

Blair Price

Total raw coal production for New Hope’s first quarter of 2015, which ends on April 30 with the company long defying convention with its quarterly reporting timeframes, reached 2.79Mt which was up 1.6% year-on-year.

While cost cutting is rife in the industry New Hope finished acquiring the Taroom, Collingwood and Woori coal projects by acquiring the remaining stakes off the former Cockatoo Coal and Mitsui-shared North Surat joint venture during the quarter.

“New Hope has the equivalent of $1.31 per share in cash and no material debt on its balance sheet,” the company said.

“It is therefore in an exceptionally strong strategic position to weather the current difficult market conditions.”

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