INTERNATIONAL COAL NEWS

Good conditions mean good results for New Hope

THE three months to April have yielded positive results for New Hope Corporation, with production...

Christine Feary

Total raw coal production for New Hope increased from 1.708 million tonnes in the three months to April 2007 to 2.027Mt in the three months to April 2008.

Saleable production from the New Acland mine rose 11% to 940,000t, while New Oakleigh's saleable production in the three months to April increased 32%, to 121,000t.

Favourable mining conditions, available rail capacity and an "essentially demurrage free port" at Queensland Bulk Handling facilities contributed to the strong results, with heavy rain and flooding in Queensland early in the year only having a small impact on the mines.

During the period a 2D seismic survey was initiated at New Saraji, testing 2D and 3D seismic techniques and their applicability to underground longwall mine planning for the site.

Activities at New Saraji were delayed due to extreme weather events in Queensland; however, drilling equipment and personnel were able to be relocated to New Acland and West Moreton to continue work during that period.

Currently New Hope's exploration resources include two drilling rigs and two geophysical logging trucks, with a third multipurpose drill rig due for delivery in the next quarter and a replacement geophysical logging truck being built to assist with the 2008 drilling programs.

Shares in New Hope were steady at the helm today, trading at $4.35 mid-morning, up 0.46% on yesterday's closing price.

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