New Acland Stage 3 is expected to generate $7 billion in economic activity over the expected 14 year life of the project.
The EA includes a significant number of stringent environmental conditions and was granted following the Queensland coordinator general approving amendments to noise limit conditions, thereby satisfying all preconditions set by the Land Court.
The project still needs to secure mining leases and an associated water licence from the Queensland government before it can proceed.
New Hope said it remained committed to delivering the New Acland Stage 3 project and would actively work with the relevant government departments to progress through those steps.
"Obtaining final approval as soon as possible this calendar year is critical to ensuring the continuity of operations and therefore employment for approximately 300 employees and 500 contractors currently engaged at the New Acland mine," it said.
New Hope Coal chief operating officer Andrew Boyd said the company was more than 10 years into its approvals process and very quickly running out of coal in its existing New Acland mining lease areas.
"Securing this EA is a significant milestone for the project and is positive news for our local workforce and local community," he said.
"We are proud to have been a key employer and community partner in the Oakey area for more than 15 years and have achieved a lot during this time."