Top public companies 2010: New Hope Corporation

MAR 2010

NEW Hope Corporation Limited (NHC) recorded a 20 per cent surge in coal production in the three months to January 31, following production increases from its New Acland and Jeebropilly mines.

The diversified carbon-based energy company expects a half-year profit guidance between $100 million and $110 million, to be announced March 23.

Managing director Robert Neale says the expansion of the New Acland mine in the Darling Downs is complete and operating at the expected rate.

“The Wetalla Water Pipeline has been completed within budget and is now pumping water to the New Acland mining operation,” says Neale.

“Jeebropilly has met production targets on schedule and with lower than forecast costs, warranting an expansion in production capacity up to the rate of 900,000 tonnes per annum by mid 2010.”

The group sales for the quarter were 1.33 million tonnes, which was down 29 per cent on the previous quarter, following minor wet weather delays that affected production.

Neale says the QBH port facility is proceeding on schedule with works on a new stacker complete, conveyors installed and pre-commissioning works undertaken on new software.

“The expansion of the QBH port facility is on schedule for completion in October 2010,” he says.

Managing Director: Robert Neale
Market capitalisation: $3.6 billion
Revenue ’09: $700.785 million
Profit ’09: $150.5 million
Staff: 250
Established: Listed 2003, incorporated 1952