Oakey coal miner cashed in on booming coal price

The owners of New Acland Coal reported a 26 per cent increase in output, leading to a net profit of almost half a billion dollars.

New Hope Group CEO Rob Bishop (left) and New Acland Mine General Manager Dave O’Dwyer.

The New Hope Group has reported a net profit after tax of $475 million for the 2023-24 financial year, off the back of a 26 per cent increase in coal production.

The company said the profits came off the back of increased production at its Bengalla mine, and the expanded New Acland Coal mine, west of Oakey.

It is the first full year profit result since New Acland Coal reopened with its Stage 3 expansion that is set to more than double the amount of land mined for coal.

The expansion was green-lit about 18 months ago after a lengthy legal battle over a decision by the Queensland Government to grant a mining lease and the associated water licence.

A fresh legal challenge has been launched by green groups, appealing the government’s decision, but New Hope Group has been given approval to extract coal while it plays out.

The company produced 9.1Mt of saleable coal, up from 7.2Mt in the previous year.

Its board has declared a fully franked final dividend of 22 cents per ordinary share. This outcome brings total dividends for the 2024 financial year to 39 cents per ordinary share, all fully franked.

New Hope CEO Rob Bishop put the result down to a combination of a robust thermal coal price, disciplined cost control and strong operational performance.

“Looking ahead, we remain focused on the organic growth of our business via the ramp-up of New Acland Mine, sustained increased production at Bengalla, and the development of Malabar’s Maxwell Underground Mine, all of which are low-unit cost assets.

“This growth pipeline offers significant targeted production increases, which will ultimately create additional value to return to our shareholders.”

Originally published as Oakey coal miner cashed in on booming coal price