As a consequence of the $1.95 billion net profit after tax, New Hope has declared a final dividend of 4.5c per share and a special dividend of 72.5c per share, with this amount equating to about $600 million.

Both are fully franked and will be paid on November 10, with the record date being October 26.

Outside of the Saraji asset sale, New Hope reigned in net profit after tax of $150.5 million from its coal mining, port and other operations, an 82% jump year-on-year.

The company credited the strong operational return to increased production and sales, along with higher export coal prices.

These gains were partially offset by a higher US dollar exchange rate and some higher production costs.

Overall, New Hope had total saleable coal production of 5.14 million tonnes, 15.5% higher year-on-year.

The New Acland mine in southeast Queensland produced 4.26Mt for the year.

A ramp-up to expand the mine to 4.8Mt per annum of capacity is due to be completed in the December quarter, while a fourth expansion of the mine is on the cards, targeting 10Mtpa.

New Hope said the draft environmental impact statement for the expansion was scheduled to be submitted this month.

New Hope chief executive Rob Neale said this morning the company had just completed the 46km Wetalla Pipeline project for New Acland.

The pipeline, which transports recycled wastewater from Toowoomba regional council’s Wetalla Water reclamation plant, will “essentially drought-proof the mine” up to a rate of 10Mtpa, and for in excess of 35 years of production even at that rate.

The company’s older West Moreton mines, consisting of the Oakleigh and Jeebropilly open cut operations, produced a combined total of 877,000t.

Oakleigh was scheduled to close in February, but Neale said the decision to keep the mine operating was due to the discovery of remnant coal.

New Hope said it was possible the mine could have another one to two years of production at lower mining rates.

The recommissioned Jeebropilly mine produced 425,000t, with Neale saying the mine performed well despite high strip ratios.

The mine has been ramped up since early 2009 to 900,000tpa by expanding the work roster.

Neale said an advantage to both mines was their close location to the Port of Queensland and the company’s wholly owned port operation, Queensland Bulk Handling.

QBH achieved a record throughput of 6.12Mt for the financial year with coal loaded on to 87 ships, up from 5.47Mt and 82 ships the year previous.

By owning the port business, Neale said the company offered a huge advantage to customers with an essentially demurrage-free port and the ability to give customers coal when they wanted it.

“We have not lost any tonnage during the financial crisis; we have actually gained tonnes,” he said.

On the exploration front, New Hope is continuing to evaluate open cut and underground coking coal resources in central Queensland and open cut thermal coal in southeast Queensland.

The company has initiated the next phase of exploration at its Jimbour and Ownaview projects.

New Hope is looking at production and sales of 5-6Mt for the current financial year.

Neale said the range was partly due to the limit of Queensland Rail’s capacity to deliver.

He said the company was in an excellent position to ramp up for near-term growth once financial conditions improved, particularly around Asia.

New Hope ended the financial year with cash of $220,348 and $2.48 billion held on deposit with major banks.

Shares in New Hope are up 2% to $5.91 this morning.