Steady results for New Hope

New Hope Group has released its December 2023 quarterly activities…

New Hope Group has released its December 2023 quarterly activities report, providing updates on its Bengalla operations in New South Wales and its New Acland mine in Queensland.

The coal miner produced over two million tonnes (Mt) of saleable coal for the quarter, positioning the company to achieve its 2023–24 financial year (FY24) guidance.

Run-of-mine (ROM) coal production at Bengalla equalled 2.4Mt, an eight per cent increase compared to the previous quarter.

New Hope said this was due to higher dragline production following the shutdown last quarter, lower strip ratio and reduced truck performance due to higher wet weather interruptions.

“During the quarter, the coal handling and preparation plant (CHPP) undertook its annual planned shutdown for the 2023–24 financial year (FY24),” the company said. “The CHPP was shut for 14 days allowing maintenance and key upgrade works to be completed.

“Saleable production of 1.8Mt for the quarter was eight per cent lower than the prior quarter primarily due to the plant shutdown. Coal sales for the quarter were 1.8Mt, in-line with the prior quarter.”

Total ROM coal produced at the New Acland mine was 0.46Mt, a 92 per cent increase compared to the previous quarter, and total saleable coal production increased to 0.23Mt from 0.06Mt.

New Acland also saw its first coal export since recommencing operations. A shipment of 11,000 tonnes sailed in December 2023, with a 92,000-tonne shipment following in January.

“Construction of the Lagoon Creek Crossing is on track with completion expected late February 2024, allowing access to begin topsoil removal in the Willeroo pit in March,” New Hope said.

“The refurbishment of the secondary CHPP was completed during the quarter with commissioning successfully undertaken, allowing both plants to be available for the increased ROM production in the second half of (FY24).”

Earlier this month, New Hope announced it would increase its equity interest in Malabar Resources from 15 per cent to 19.9 per cent.

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