New Hope remains hopeful

Coal miner New Hope Corporation on Tuesday told shareholders that it would re-enter negotiations with the newly appointed Minister for Resources in Queensland, in the hopes of clearing the final hurdle for the Stage 3 expansion of the New Acland mine.

“We are hopeful there won’t be a need to revisit the history of the approvals process with the new Minister, given this will be the seventh Queensland Parliament to consider our application,” New Hope chairperson Robert Millner told shareholders at the company’s annual general meeting.

New Hope has been battling the approval of the Stage 3 operation, with the only remaining hurdle being Queensland government approval.

New Hope subsidiary New Acland Coal currently operates the existing New Acland mine as a 4.8-million-tonne-a-year opencut coal mine, however, the mine’s reserves are depleted. The Stage 3 expansion project will increase the mine’s yearly output to 7.5-million tonnes and will extend the operation’s life by some 12 years beyond the current end-date of mid-2020.