Coal news and updates

New Hope 4Q Coal Output Up, Earnings Surge on Strong Coal Prices

Australian miner New Hope Corp. on Monday reported a lift in fourth-quarter coal production and said it expects to report a surge in annual earnings because of strong coal prices.

New Hope reported saleable coal production of 1.9 million metric tons for the three months through July, up 18% on the quarter immediately prior. Run-of-mine coal output was up 29% at 2.5 million tons, the company said.

New Hope cited a "strong operational performance at Bengalla despite uncontrollable adverse weather impacting production and impeding operation of the Hunter Valley logistics chain early July."

It said it expects to record underlying earnings before interest, tax, depreciation and amortization of 645 million Australian dollars (US$443 million) for the fourth quarter and roughly A$1.56 billion for fiscal year 2022. New Hope reported underlying Ebitda of A$367.2 million in fiscal year 2021.

Thermal-coal prices surged to record highs following the Russian invasion of Ukraine and because of concerns about global energy security, the miner said.