Bengalla drives New Hope revenues
PERTH (miningweekly.com) – Coal miner New Hope Group has reported a 21% increase in revenue for the full year ended June, on the back of an increased share of coal sales from the Bengalla joint venture, in New South Wales.
Revenue for the full year reached A$1.3-billion, while profits after tax and non-regular items was also up by 3% on the previous corresponding period, to A$384-million.
Earnings before interest, tax, depreciation and amortization for the full year was also up by 11% on the 2018 figures, to A$517-million, while net profits after tax, and after non regular items increased by 41%, to A$211-million.
MD Shane Stephan said the 2019 results were driven by the acquisition of an additional 40% stake in the Bengalla project, combined with an increase in Bengalla’s production ate to ten-million tonnes a year, providing New Hope with an enlarged profitable and sustainable asset base.
New Hope is in the midst of making 150 staff redundant at its New Acland mine, in Queensland, as the Stage 3 expansion failed to gain the necessary state approvals.
Despite being granted its environmental authority in March this year, the expansion project still requires mining leases and an associated water licese.
Stephan said this week that the company was focused on securing all the necessary approvals for the Stage 3 expansion to target continuity of operations and employment for the workforce and contractors.
New Hope subsidiary New Acland Coal currently operates the existing New Acland mine as a 4.8-million-tonne-a-year opencut coal mine, however, the mine’s reserves are depleted. The Stage 3 expansion project will increase the mine’s yearly output to 7.5-million tonnes and will extend the operation’s life by some 12 years beyond the current end-date of mid-2020.L
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