New Hope Corporation, an Australian thermal Coal producer, has significantly increased its business in its domestic market & Asia. This year in August-October 1.46 MnT sales is recorded, which is 7 per cent more than corresponding period of last year. This was reported by company to the Australian Securities Exchange on 29 Nov, 2013.
New Hope Corporation has interests and shares in a number of energy and Coal-to-liquid fuel companies in Queensland including Dart Energy. The Coal producer owns 100 per cent of small Queensland oil producer Bridgeport Energy.
As per the operating report, the company is continuously focusing on improving productivity & cost controlling. It has two Coal mines in this difficult operating environment at Queensland namely New Acland & Jeebropilly. New Acland mine has targeted expansion capacity of 7.5 MnT pa for exports. Exploration is also happening for Jeebropilly mine where it is planning a new mining pit. At current seaborne market thermal Coal prices of around USD 84/MT FOB Newcastle for 6,300 kcal/kg GAR. However, Jeebropilly mine is operating at loss, company said in a recent presentation.
Company’s throughput was 2.26 MnT over August-October, which is 4 per cent more than corresponding period of last year. This production was from Queensland bulk handling (QBH) Coal terminal based at Brisbane. New Hope exports Coal through the QBH terminal.
Company believed that, In order to reduce the impact of fixed costs and undertake site rehabilitation in the most cost-effective manner, it is decided to continue the operation. This decision is closely monitored by the management, based on present economic scenario.
On the development at its New Acland expansion project, New Hope said in its latest report that, “It is expected that the environmental impact statement will go out for public review in January 2014. Further engineering work continues with tenders being awarded for final design of all major project components.”