Bengalla continues to deliver for New Hope
PERTH (miningweekly.com) – Coal miner New Hope has reported a 21% jump in revenue for the half-year ended January, while profits jumped by 33% on the previous corresponding period.
New Hope on Tuesday reported revenues of A$616.7-million for the first half of the year, while profits before tax were reported at A$228.9-million. Earnings before interest, taxes, depreciation and amortization was also up by 31% on the previous corresponding period, to A$285.1-million.
Net profit after tax for the interim period was up by 33% on the previous corresponding period, to A$159.8-million.
New Hope MD Shane Stephan said that the interim results came on the back of an increased stake in the Bengalla coal mine.
New Hope last year struck a A$860-million deal with fellow-listed Wesfarmers to purchase a further 30% interest in the Bengalla project, in New South Wales, taking its share in the project to 70%.
“Coal production at Bengalla was 2.4-million tonnes, 23% above the previous corresponding period in 2018,” said Stephan.
“After reaching agreement to acquire Mitsui’s 10% share in the joint venture, New Hope will hold an 80% interest in the project, with a view to transitioning to active management of the operation in the near term.”
Stephan said that the increased share in Bengalla, and a five-year debt financing package, would deliver certainty of funding to underpin the group’s growth initiatives over the medium term while maintaining a conservatively geared balance sheet.
“However, we will continue our careful cost management over coming periods as improving commodity prices start to impact across the industry on the cost of both labour and materials,” he added.
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