The Acland and Jeebropilly open cut mines in southeast Queensland lifted production during the three months while the Oakleigh mine near Ipswich produced a mere 46,000t as New Hope continues to extract the remnant coal.
The thermal coal producer’s operations were safe from the harsh wet season this year, only experiencing minor wet weather delays.
New Hope is more confident it can increase the mining life of Jeebropilly based on geological evaluation over the past months.
The company plans a new pit to support a higher production rate from the mine.
The quirky Queensland coal producer, which releases results according to its own quarterly schedule, picked up three awards last year from the Planning Institute of Australia for its conceptual post-mining land-use plans.
PIA Queensland division gongs in 2009 included a merit award for the Industrial Planning category for Jeebropilly and an excellence award in Urban Design – Plans and Ideas for the Oakleigh mine, which was also the national PIA winner in this category for 2010.
New Hope said its plan for the 5000-hectare Ebenezer Regional Industrial area, which takes up 1800ha of the company’s 2900ha of land in the West Moreton region, would be completed in late 2010.
Its Queensland Bulk Handling subsidiary is continuing expansion work at Brisbane’s port.
Precommissioning work on the new stacker and conveyor systems is underway while foundation work for the remaining stockpile area was completed and two reclaimers were installed during the quarter.
Exploration for the period covered 1463m with weather conditions hampering efforts at the Acland and Jeebropilly mines, and the Lenton and Ownaview West projects.
To broaden its project portfolio, New Hope is making two applications for EPCs in central Queensland and is also looking outside of coal with four applications made for EPMs (minerals) in northwest Queensland.
The coal permits are expected in the second half of 2010.
Resource super-profits tax
Some reports suggest New Hope could delay project work because of the unexpected super-profits tax proposal from the federal government.
“The government has commenced a consultation process with industry representatives, but has not yet released draft legislation or detailed implementation rules,” the company said.
“In the absence of draft legislation or implementation details, it is not possible for the company to provide reliable information to shareholders on how the proposal would impact the company’s operations or corporate activities.
“New Hope is participating in the government’s consultation process and is committed to keeping shareholders, employees and other stakeholders informed as details become available.”
New Hope shares closed up 1.2% to $4.30 yesterday.
