Coal, Financial reports, New Hope Group, News, Quarterly and half yearly results

New Hope on track for new year

New Hope

New Hope has released its quarterly report with updates on its New Acland Stage 3 project in Queensland and Bengalla operations in New South Wales.

Overall, the company produced over two million tonnes of saleable coal for the quarter, putting it on track to meet its 2024 financial year (FY24) guidance.

The first coal was mined from New Acland on September 15 2023, with a total of 0.2 million tonnes (Mt) run of mine (ROM) production during the quarter.

Total saleable coal produced during the period was 0.06Mt with the first coal railed to the Queensland bulk handling facility in Brisbane, ready for first shipment in November.

New Hope said work on key infrastructure projects commenced during the period, which aim to provide access to the Willeroo pit, with increased production to commence in the second half of the 2024 financial year.

The company has also begun the refurbishment of a secondary coal handling plant, which it hopes will be completed next quarter.

Rebuilds of four 789 dump trucks and ancillary equipment also continue, with completion aligned with increases in production rates over the coming periods.

New Hope’s Bengalla operations, which it owns an 80 per cent stake in a joint venture with Taiwanese power company, Taipower, saw a 5 per cent prime waste movement increase on the previous quarter.

The ROM coal production stood at 2.2Mt, with a saleable production of 2Mt, in line with the previous quarter.

The Bengalla mine expansion to 13.4Mt per year ROM project also passed the halfway capital expenditure milestone during the quarter, with the commissioning of the Liebherr R9800 excavator and delivery of the final EH5000 truck.

Two additional Caterpillar D11 dozers were also delivered and commissioned during the quarter, with remaining supporting mobile equipment deliveries to resume towards the end of FY24.

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