Sydney — Australian miner New Hope said Monday that coal production rose 11% year on year in the May-July quarter, with its total fiscal 2017-2018 (August-July) output posting a 4% growth.
July quarter's production came in at 2.38 million mt, of which 1.41 million mt came from its 100%-owned Queensland-based New Acland and Jeebropilly mines, up 11% year on year.
The Queensland mines produced 5.16 million mt over the course of the 12 months, down 1% year on year, and from Bengalla, the miner produced 3.78 million mt, up 11% on year. Total production for the year rose to 8.94 million mt from 8.61 million mt the year prior.
Annual coal exports from the company's QBH terminal at Brisbane port, where its Queensland mines export via, were the highest since 2014, it said. The results showed the terminal's throughput was 2.11 million mt in May-July, up 8.2% year on year from 1.95 million mt, which took the full year exports to 7.18 million mt, up 5% from 6.85 million mt.
New Hope announced August 7 that it reached a binding commitment to acquire up to a further 40% interest in the Bengalla Joint Venture for A$860 million ($635.57 million) from Wesfarmers.