New Hope Corp.’s saleable coal production for the three months to 31 January fell 15.9% on the same period the year before to 1.167 million t, according to its latest quarterly activity reports, as a result of bad weather impacting mine sequencing.
Sales volumes were also down 10% at 1.356 million t as typhoons delayed vessels delivering coal to the company’s customers in Asia.
New Hope has just completed the acquisition of a 40% interest in the Bengalla thermal coal mine in the Hunter Valley region of New South Wales from Rio Tinto for US$616.7 million.
The acquisition will bring in over 2.5 million tpy of additional coal production and provide an immediate boost to New Hope’s operational and financial performance, the company said.
The Bengalla opencast coal mine produced more than 8.3 million t of thermal coal for export in 2015. The mine has a JORC reserve of 269 million t of ROM coal as at 31 December 2014.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/01032016/new-hope-coal-production-drops-2016-317/