New Hope (ASX:NHC) cuts 75% of jobs at corporate office

Company News

by Katrina Bullock

New Hope Corporation (ASX:NHC) is undergoing a major restructure with up to 75 per cent of the workforce at its corporate office to be made redundant by the end of November 2020.

The company plans to cut the majority of executive positions.

Its CEO, Reinhold Schmid blamed the uncertainty around approvals for the New Acland open cut coal mine, but did note that “in reality, even if [it] were granted approvals for Stage 3 today, [it is] in for a tough couple of years as [it] ramp[s] up again.”

Shares in New Hope Corporation (ASX:NHC)


Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.