Site visits and due diligence are expected next month, with the eventual successful bidder slated to be announced by the first half of next year in what could be a $A5 billion deal.

At its annual general meeting last week, New Hope chairman Robert Millner said the company would continue to deliver shareholder returns with the aim of doubling coal production over the next five years.

“Coal production over the 2012–13 period [is] likely to be steady at about 6 Mpta until the government approves the Acland thermal coal expansion and the Colton coking coal mine development,” he said.

“Continued market volatility [is] likely to be reflected in ongoing currency and coal pricing variations.

“Asian growth will be much greater than USA and Europe and there is a moderate risk of a global economic downturn.

“The Australian government carbon tax and MRRT are unhelpful.”

New Hope would retain its current operations and commercial strategies emphasising base business performance, coal mine development projects and progressing new energy technologies, he said.

This would include the Acland expansion, the Colton mine development and opportunistic acquisition targets.

The company would integrate its exploration and development projects with that of Northern Energy, which it acquired in September.

New Hope has sufficient funds to develop project pipeline and consolidate itself as a diversified energy producer.