Raw coal production from New Hope’s mines reached 2.27 million tonnes, a jump of 14% compared to the same period in the previous year. Coal sold dropped 16% to 1.03Mt.
New Hope said the fall in sales was primarily due to rail constraints exacerbated by flooding that adversely affected the rail system.
“During this time, New Hope took the opportunity to build stock in anticipation of additional rail capacity coming on line during the next half-year and firm sales commitments,” the company said.
As further proof of the rail constraints, New Hope said the Queensland Bulk Handling facility at Port of Brisbane had a 10% drop in export throughput during the three months to January 31, compared to the same period a year earlier.
Shares in the company are up 8c to $3.40 this morning.
