So we are interested in coal [acquisition] targets. New Hope is pursuing the highly controversial New Acland Stage 3 coal mine in Queensland, and confirmed at its AGM last month that it intends to continue . Tonnes [of coal] coming out of the market can only help the producers which are producing, so thinking selfishly, it is a benefit to Bengalla, said Mr Bishop. It is essentially the coal for the state, for the people that own the state, they can benefit significantly from those royalties.. If you get a good asset like Bengalla, a tier-one asset, it is going to make a lot of money and remain resilient for many years to come. BHP believes the 2030 plan gives workers and local communities eight years to prepare for the social changes that may come with the closure of Mt Arthur, even though some workers will continue at the site to conduct rehabilitation for more than a decade after 2030. New Hope Coal is an Australian thermal coal-mining company. (You can edit this. We all seek to prevent harm, promote safety and enhance health. day trial, Mining Journal Intelligence Alternative Finance Report 2023, Mining Journal Intelligence Mining Equities Report 2023, Mining Journal Intelligence Investor Sentiment Report 2023, Mining Journal Intelligence World Risk Report 2022 (feat. In letters sent to New Hope Corporation and the Australian Securities and Investments Commission, lawyers for Market Forces have alleged that statements by the companys chief executive, Reinhold Schmidt, may amount to misleading and deceptive conduct under the Corporations Act. Exclusive news, data and analytics for financial market professionals, Reporting by Tejaswi Marthi in Bengaluru; Editing by Subhranshu Sahu, Botswana, De Beers agree 'in principle' to new diamond sales deal, Exclusive: Alberta agency, China private equity fund ends partnership, Goldman Sachs may exit partnership with Apple, Wall Street Journal reports, HDFC to merge into HDFC Bank on July 1, create Indias financial behemoth, German coalition at odds over fighter jet sale to Saudi Arabia -Welt am Sonntag, Sandoz launches rival version of AbbVie's arthritis drug Humira, Disney accused in lawsuit of 'systematically' paying women less than men in California, Exclusive: EV charging firms oppose Texas' 'premature' plan to mandate Tesla standard, letter shows. Christian Slattery, a campaigner for Market Forces, said New Hopes business strategy depended on coal scenarios that are consistent with the failure of the Paris agreement. Weve been talking to the Queensland government about whether we can do some sort of wind farm, solar farm or something along those lines in the rehabilitated area, but its got to be economic, he said. You can opt out of these communications at any time by Speaking after phenomenal coal prices drove a 12-fold increase in New Hope profit to a record $983 million, Mr Bishop said BHPs Mount Arthur mine in NSW was an important source of royalty revenue for taxpayers and the economic potential of its huge coal resource should be maximised. Visit our The extraordinary cashflows from New Hopes flagship Bengalla mine in NSW have enabled the company to clear its debts and build a cash war chest of $513.1 million, on top of a $420 million undrawn debt facility. New Hope's billionaire chairman Robert Millner says coal plays a part The Labor member for the local federal electorate of Hunter, Dan Repacholi, has supported BHPs plan which he said offered certainty to local communities. New Hope Coal is 61.11% owned by Washington H. Soul Pattinson and is headquartered in Brisbane, Queensland . Submitting your details and ticking the box tells us that youre OK with this and you also agree to our Minerals were mostly found in burning coal dumps during WWII. The coal sector pays a huge amount of royalties which support local schools, hospitals, our way of life and a high standard of living, so I must say I would prefer it to be made available. In August, New Hope surrendered the rehabilitated site of the former Chuwar mine, about 5 kilometres from Ipswich, to the Queensland government. Ashes Test match between England and Australia disrupted by Just Stop A little-known company that enjoys the backing of West Virginia's top political leaders is in talks to turn one of the state's largest coal plants into a clean energy . These issues reflect very poorly on New Hopes corporate governance. Analytical cookies are used to understand how visitors interact with the website. New Hope warns winter is coming for coal buyers - Financial Review New Hope shareholders will receive 30 per share of fully franked interim and special dividends following Tuesdays bumper half-year profit a total return to shareholders of $249.7 million. Wed like to send you information on Aspermont events and other Aspermont services that are relevant to you. This cookie is set by GDPR Cookie Consent plugin. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Looking forward, returning capital to shareholders is an important part of our capital strategy.. Company No. Coal still the target for New Hope's $500m war chest - Financial Review Language links are at the top of the page across from the title. The purchase price must be at least $10 million cash, and there are further milestone and royalty payments capped at $77.5 million. Mr Millner said government policy in Australia, where it had become very difficult to get coal mines approved, was distorting prices and could increase global greenhouse gas emissions. Coal . Access unique insights into mining alternative finance, with analysis of key trends Access an exclusive, inside look on quarterly mining IPOs and secondary raisings Access an exclusive, inside look into some of minings top investors plans and priorities A comprehensive review of mining risk and trends. He responded by referring to the International Energy Agencys forecast current policies and stated policies scenarios. New Hope consolidates Bengalla ownership with $215m Mitsui deal The industry leader for online information for tax, accounting and finance professionals. Our coal is the cleanest coal in the world. Who owns New Acland? You can unsubscribe from these communications at any time. However, in a total failure of climate risk management, New Hope did not refer to the net zero scenario even once in its 2021 Sustainability Report. RESPONSIBILITY. Rob Bishop was promoted from chief financial officer to chief executive of New Hope last month and his first public task was to announce that half-year profits had surged to an 11-year high of $330.4 million. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. NHC has business interests and operations spanning coal mining, exploration, port operation . The onshore network alone could require total investment of as much as 350bn by 2050, the government has said. Ben Creagh November 27, 2018, 8:24 am New Hope Corporation has secured deals with minority partners Taipower and Mitsui to cement a controlling stake in the Bengalla thermal coal mine in New South Wales. Top-quality NSW thermal coal has been fetching more than $US380 a tonne in the past week and the price averaged more than $US397 in each of the past five months, according to figures from GlobalCoal. Dulce Ortiz is trying to get rid of toxic coal ash ponds in Waukegan, Illinois. So if we lose that, how are we going to fund the building of new hospitals and schools?, Australias resource and energy export earnings are forecast to reach $450 billion in 2022-23, surpassing last years record of $422 billion, on the back of a spike in energy prices. Energising our people, communities and customers. This cookie is set by GDPR Cookie Consent plugin. Taking out the 40% WHSP holding, some 15% of remaining shareholders demanded the company drop its expansion plans, and wind up production in line with a net zero by 2050 pathway. To do so, scientists state that 95% of Australias coal must remain unburned. If these commitments are realised then the markets for New Hopes coal will almost completely evaporate. Coal miner New Hope Corporations 2021 AGM descended into farce yesterday, with technology issues compounding upon the companys evasive approach to shareholder accountability. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Coal exploration and production firm New Hope has closed the acquisition of Wesfarmers ' 40% stake in the Bengalla thermal coal joint venture (JV) in New South Wales, Australia, for A$860m ($637.83m). New Hope Coal New Acland Mine - Wikipedia What is causing the plague in Thebes and how can it be fixed? WELLBEING. Help using this website - Accessibility statement, fossil fuel producers should use this year of extraordinary profitability. However, many big investors with their own net zero commitments will have failed to support this critica resolution, destroying the credibility of their climate claims. The company was first listed in 1904. The first-half result was bolstered by $5m of land access fees from Queensland coal seam gas companies who have paid New Hope to access land it owns to drill CSG wells. After an early career in real estate development on Queensland's Gold Coast, Palmer, who has today expressed political ambitions . 136738101. "phenomenal" coal prices drove a 12-fold increase in New Hope profitseek NSW government permission to cease mining at Mt Arthur in 2030."They have . Vanessa Zhou May 29, 2019, 10:29 am. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. ), achieving net zero emissions by 2050 means. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. privacy and cookie New Hope Group New Hope in the black despite coal collapse - Financial Review Shares in New Hope surged 8.53 per cent to $3.18 on Tuesday as investors responded to the improved shareholder returns. In addition to these two mines, the company has assessed a further 231 million tonnes of marketable coal reserves at its Lenton, Elimatta and Taroom exploration sites. Further, over 27% of shareholders voted against the re-election of director Todd Barlow, suggesting strong dissatisfaction within the companys investor base about its management. Germany's coalition government is at odds over whether to bow to British pressure and approve the production of Eurofighter Typhoon fighter jets for Saudi Arabia, the newspaper Welt Am Sonntag reported on Saturday, citing anonymous sources. Submitting your details tells and ticking the box us that youre OK with this and you also agree New Hope's stock, which has traded between $1.05-2.08 over the last 52 weeks, was steady today to $1.90, valuing it at $1.6 billion. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The challenging part at the moment is we are at the top of the commodity cycle and we have got to remain disciplined not to pay over for an asset, said Mr Bishop. New Hope Corporation doubles down on coal during farcical 2021 AGM Queensland Bulk Handling (QBH) was commissioned at Fisherman Islands in 1983. Days after being awarded preferred bidder status for Carabella Resources suspended Bluff coal mine, Queensland-focused Bowen Coking Coal has signed a "transformational" binding term sheet for a 90% interest in the suspended Burton mine and adjacent resources. Many families and young professionals live in New Hope and residents tend to lean conservative. Seegraben mine, Leoben, Leoben District, Styria, Austria - mindat.org The company was first listed in 1904. [1] The company's CEO was Robert Neale, who retired in 2014. The document will then open in a new tab. All Rights Reserved. By 2011, the company was exporting 65% of its coal, leaving 35% for domestic markets. With visions of a processing hub firming, coal investors Brian Flannery and Matt Latimore have agreed to substantially underwrite the bulk of a $15.4 million placement and rights issue with Petra Capital at 6.7c, a 4.5% discount to recent trading levels. The . Follow the topics, people and companies that matter to you. The preference for dividends rather than buybacks is at odds with the path chosen by New Hopes most comparable rival, Whitehaven Coal, which announced in February it would buy back up to $400 million of its stock in addition to paying an unfranked 8 interim dividend for total shareholder returns of $480 million. We believe in a workplace where everyone is treated fairly and with respect, and we value the differences and similarities in our peers. They reinforce the perception that this company holds little regard for transparency or the rights of shareholders to hold the board to account. BHP exported 13.7 million tonnes of thermal coal from Mt Arthur in the year to June; more than the 8.8 million tonnes sold by New Hope in the same year. Tuesday's full-year profit was 69 per cent weaker than the previous result, and New Hope slumped to a $156.7 million statutory loss after impairments against its coal and oil assets. But opting out of some of these cookies may affect your browsing experience. Latimore is currently a Bowen director. Bowen to resuscitate Burton coal mine - Mining Journal It is unclear whether NSW Premier Dominic Perrottet will support the 2030 closure plan, while his deputy premier Paul Toole also stopped short of backing it, preferring instead to welcome the fact BHP wanted to extend the mines life from 2026 to 2030. Your message will be sent to ANZ, NAB, Macquarie Bank, Cat Financial and Mizuho. David Morris, the chief executive office of the Environmental Defenders Office, which is acting for Market Forces, said consumer laws contained safeguards so that investors can understand what reshaping of economies means. It is a consideration, but we have got a healthy franking balance, we pay lots of tax, and by paying fully franked dividends, that is what our shareholders want, he said. This website uses cookies to improve your experience while you navigate through the website. ResourceStocks company. "It's mind-boggling," says Sir John Armitt, chair of the UK's National . When Star Wars Episode IV: A New Hope originally hit theaters in 1977, it was simply called Star Wars. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". didnt want thermal coal prices to continue to go berserk. What characteristics allow plants to survive in the desert? Asked whether the investment in Malabar was part of a strategy to ultimately get access to Mt Arthur, Mr Bishop said: No, not at all.. The New Acland Mine is located adjacent to Acland township, about 10 km north of Oakey on the Darling Downs in Queensland, Australia. New Hope mining company referred to Asic, accused of misleading We listen and treat others as we expect to be treated. Large dumps still visible. By clicking Accept All, you consent to the use of ALL the cookies. New Hope has spent the past 14 years trying to secure government . The new ruling would force energy companies and other owners of the coal ash ponds to clean up inactive sites. The download or link you requested has now opened in a new tab. Oscar Colman. New Hope Coal is 61.11% owned by Washington H. Soul Pattinson and is headquartered in Brisbane, Queensland. New Hope has recorded extraordinary cashflows amid record prices for thermal coal. fails to address the IEAs net zero scenario at all. Efforts to wean the world off Russian fossil fuels have driven prices for thermal coal to record levels, with NSW thermal coal this year fetching more than double the $US195.23 ($290.5) per tonne coal price record that had stood between 2008 and September 2021. Aspermont Media, WeWork, 1 Poultry, London, England, EC2R 8EJ. New Hope chairman Robert Millner says Australia needs to take a less naive approach to energy transition. Despite the district's increase in exports through QBH, which reached 1.6 million tonnes, the reduced requirements for the Swanbank Power Station and cessation of supplies to the Brisbane power stations resulted in a drop in production of close to 12%. If you want to find out more about the business then go to our Resources page. New Hope's operations include New Acland Mine, Jeebropilly Mine, and Queensland Bulk Handling. [1] New Hope Coal's current chairman is Robert Millner. At the companys annual general meeting the following month, Schmidts was asked whether he stood by that statement. New Hope Group [6][7] In February 2015, the federal Minister for the Environment placed the approval on hold amid the controversy.[8]. Total production from the Ipswich area was 2.8 million tonnes (1.54 from open cut mines and 1.28 from underground operations). The mine is owned and operated by New Hope Coal. When Coal Flows Between Countries, Who 'Owns' the CO2? New Hope Corporation is an Australian thermal coal miner. The long-time chairman of Washington H Soul Pattinson, which owns almost 39 per cent of New Hope, said the difficulties in gaining permits to mine the worlds best quality thermal coal in Queensland and NSW was becoming a concern for Australias trading partners, who are now facing sky-high energy costs. New Hope's operations include New Acland Mine, Jeebropilly Mine, and Queensland Bulk Handling. New Hope Group New Hope coal mine threat to BHP: use it or lose it - Head Topics