MELBOURNE - Australian coal miner New Hope has built up a war chest to fund its growth plans which could include the coal assets of Anglo American in Queensland if its bid is successful, CEO Rob Bishop said on Tuesday.

The Brisbane-headquartered miner has profited from a spike in prices for energy coal over the past few years, first from supply constraints during the Covid-19 pandemic and then from the Ukraine war.

While thermal coal prices fallen from peaks above $400 a metric ton two years ago to around $137 a ton on Tuesday, they are still double the levels seen in early 2020.

That has helped New Hope build up available cash of A$824.5-million. The miner in July also completed an offering of $A300-million of senior unsecured convertible notes due in 2029.

"We want to make sure we have the firepower to execute if we see something attractive in the market," Bishop said in an interview after the company released results.

"We’re not desperate. It depends what type of assets come up," he said, adding that New Hope had submitted a bid for five metallurgical coal mines Anglois selling.

First-round bids for the Anglo mines were due by September 9 as Anglo CEO Duncan Wanblad takes initial steps to simplify the company after it rejected a $49-billion takeover offer from BHP earlier this year.

An acquisition would be a big move from the thermal coal miner into steel-making coal.

Separately, New Hope expects to spend around $A500-million on its internal growth projects, mostly on the restart of its New Acland mine. It has also raised its stake in privately held coal miner Malabar Resources to 19.97% from 15%.

"It ticked the boxes for our strategy, it's cash generative, permitted, already selling coal, it will be very low on the cost curve," he said, adding that a minority stake would allow it an opportunity to "get smarter" in underground mining.

Earlier on Tuesday, New Hope reported an annual profit on Tuesday that fell 56.2% because of lower coal prices.

The miner reported a full-year net profit attributable of A$475.9-million, compared with A$1.09-billion a year earlier.

New Hope's average realised prices during the reported period fell to A$183.25 per ton from A$346.73 per ton in 2023, while its saleable coal production for the year increased 26% to 9.1-million metric tons.

The company declared a final dividend of 22 Australian cents, compared with 21 cents a year earlier. Shares rallied as much as 5.4% and were last at A$4.35, up 2.4%.