New Hope Group is continuing prefeasibility studies for a large-scale, alternate energy facility on land it owns near the New Acland coal mine.

In its latest half-year report, the company noted promising initial concept work undertaken for a pumped hydro complex including on-site solar and wind generation.

The project would take advantage of the Darling Downs site’s topography and location within the Southern Queensland Renewable Energy Zone.

“At this stage, it is envisaged the complex would operate alongside mining operations, and continue post-mining to support long-term value creation, local employment opportunities, and leave a positive legacy,” the company said.

Prefeasibility studies are ongoing, with a focus on geotechnical conditions, hydraulics and potential equipment selection.

New Acland Stage 3 mining operations commenced in Manning Vale East Pit in May last year and the last six months to January 31 saw 3.3Mbcm of prime overburden material shifted.

ROM coal production was 0.7Mt and total saleable coal produced was 0.3Mt, of which 0.1Mt was sold to export customers.

Construction of the Lagoon Creek Crossing commenced during the period and is on track to be completed early in the second half of the 2024 financial year to allow access to the Willeroo Pit.

The company reported that it completed the refurbishment of the secondary CHPP during the half-year, allowing both wash plants to be available to deliver increased ROM production in the second half of the 2024 financial year.

A further 36 employees were onboarded during the period, with a total of 143 locally-based employees working at the mine and in the Oakey community office.

New Hope recorded an underlying EBITDA result of $424.8 million for the six month to January 31, 2024, compared to $1,038.5 million the previous year. Net profit after tax was $251.7 million, compared to $668.6 million for the six months to January 31, 2023.

Image at top of page: New Acland Stage 3 mining operations near Oakey.