New Hope managing director Robert Neale has joined Federal Resources Minister Martin Ferguson in warning there might be more closures to come in Queensland's coal industry.
Despite posting a 12 per cent rise in annual production and 16 per cent jump in underlying profits, Neale said increased taxes and royalties in QLD were hurting the wider industry.
But Fairfax Media reports Neale said the royalty rise would have no impact on New Hope because its product was sold under the new thresholds.
However Neale said the "cumulative impact" of higher royalties and the mining tax would hurt the expansion plans of some miners.
"That burden is such that I would think in the current climate the majority of development projects in QLD are likely to be delayed to varying extents," he said.
In a speech yesterday Ferguson said weakening demand could bring forward more closures and delays in the industry.
"I do not rule out further mine closures on the east coast of Australia, especially in Queensland given these royalty increases," he said.
But Ferguson said softening commodity prices were not the "death knell" for the industry and productivity improvements could help keep the sector competitive.