MARKETS

New Hope up

NEW Hope Coal lifted saleable coal production by 11% for the three months to July 31 as its Queensland mines lifted their work rate.

Angie Tomlinson
New Hope up

Saleable coal production jumped to 1.36 million tonnes while run-of-mine coal production lifted 10% year-on-year.

New Hope attributed the increase to higher output at the New Acland mine, which produced 1.09Mt, and the Jeebropilly mine, which produced 203,000t.

Production at New Oakleigh was lower due to higher stripping ratios.

“Despite depressed market conditions and extreme volatility in the export sector, New Hope has been able to achieve the increase in saleable production and sales during the quarter due to the ongoing ramp up in production capacity of the Jeebropilly mine to the annualised rate of 900,000 tonnes per annum,” the company said.

“Some unseasonal rainfall had a moderate effect on mining operations during the quarter, however the delivery of new mining equipment, available rail capacity, judicious use of trucking and an essentially demurrage free port at Queensland Bulk Handling contributed to the improved results.”

Group saleable production for the year ending July 31 was 15% higher with a record 5.14Mt while sales were able to climb 7% on the back of higher contracted rail capacity.

New Hope continued its exploration at its New Acland, Lenton and Ownaview West EPC in Central and South West Queensland.

New Hope was trading up 0.2% mid-morning today at $A5.38.

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