New Hope coal output rises 18% despite weather-hit Bengalla mine
Australia’s New Hope reported an 18% jump in saleable coal production on Monday, buoyed by strong performance at its New Acland mine, even as severe weather and logistics constraints hit output and shipments at its flagship Bengalla operation in New South Wales.
Group saleable coal output for the year ended July 31 was 10.7-million tonnes, up from 9.1-million tonnes a year earlier and within the miner’s guidance range. Underlying earnings before interest, taxes, depreciation and amortisation came in at A$765.8-million, with quarterly earnings of A$93.4-million down 39.9% from the prior quarter owing to lower Bengalla sales.
“Despite significant weather and logistics impacts at our Bengalla mine, the company’s consolidated physical volumes were within guidance range, reflecting a strong operational performance from both assets and an increasing contribution from New Acland mine,” New Hope said.
Bengalla’s full-year free-on-board (FOB) cash costs fell 1.7% year-on-year to A$76.5/t, within guidance, although quarterly costs surged 34.8% to A$101.5/t as sales volumes dropped. Flooding and rail cancellations in the Hunter Valley cut coal sales at the mine by more than a quarter in the June quarter, the company said.
By contrast, New Acland in Queensland delivered a 179% year-on-year jump in saleable coal production to 2.8-million tonnes, supported by stronger rail performance and expanded stockpile capacity. Coal sales from the mine rose 208% to 2.6-million tonnes over the year.
Average realised sales prices across the group fell 11% quarter-on-quarter to A$131.3/t, weighed down by weaker API-5 index pricing and a higher share of high-ash coal sales.
Cash generated from operations totalled A$570.8-million for the financial year, with available cash of A$707.3-million at July-end.
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