Coal miner New Hope Corporation Ltd
(ASX:NHC) has reported an 11 per cent increase in saleable coal production to 1.396 million tonnes for the three months to October 31.
The company says the increase due to slightly higher production from the company’s New Acland mine on the Darling Downs which produced 1.064 million tonnes during the quarter, coupled with higher production from the Jeebropilly Mine near Ipswich.
New Hope’s sales for the quarter of 1.483 million tonnes was an increase of 20 per cent on the same period last year due to strong demand from export customers coupled with higher production and available rail capacity.
The company says the expansion of its New Acland Mine to an annual production of 4.8 million tonnes is on schedule to be completed early in the next quarter.
New Hope also recently acquired a 13 per cent stake in Planet Gas Ltd (ASX:PGS), a move consistent with its energy diversity strategy, with the funds enabling Planet Gas to accelerate Australian geothermal projects.
New Hope’s 2008 net profit was $90.68 million.
