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New Hope consistent in results

IPSWICH-based coal producer New Hope recorded steady output from its Australian and Indonesian op...

Angie Tomlinson

For the six months to January 31 the company’s operations produced 15.3Mt, up 4% on last year’s half yearly output.

New Hope said its Acland mine, 15km north of Oakey in south-east Queensland, upped its production from the previous quarter, but reduced output from its South Kalimantan Adaro thermal coal opencut lowered the group total.

Earlier this month New Hope agreed to sell its Indonesian assets to a group backed by Singapore's Temasek Holdings for $US378 million. Assets included 40.8% of Adaro and half a coal terminal.

New Hope chairman Robert Millner said the funds would be used to double coal output at New Acland mine or return cash to investors.

Australian sales were slightly lower for the quarter and half year, but were offset by increased sales from the Adaro operation.

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