Bad weather fouls New Hope production record

COAL production volumes from New Hope’s Queensland mines for the current quarter were below those achieved in the previous corresponding period as a result of adverse weather and mine operating issues, chairman Robert Millner told the company’s annual general meeting.
Bad weather fouls New Hope production record Bad weather fouls New Hope production record Bad weather fouls New Hope production record Bad weather fouls New Hope production record Bad weather fouls New Hope production record

The north pit at New Hope's Acland mine.

Lou Caruana

Coal sales volumes in the three months to 31 October 2015 were down on the previous corresponding year as a result of typhoons in the Asian region delaying vessels, he said.

“An operating profit has been returned for the first quarter, though down on the previous year’s comparable period as a result of weaker coal prices,” he said.

New Hope reached a binding agreement to acquire 40% interest in the Bengalla Coal Mine, subject to Joint Venture pre-emptive rights and other conditions during the quarter, Millner said.

The Land Court phase of the Mining Lease and Environmental Authority process for New Hope’s New Acland Stage 3 project has commenced, with hearings to commence in March 2016 and recommendations due in Q2 2016.

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