Reinvigourated Queensland coal miner New Hope has returned a $1billion net profit.

Darling Downs based New Hope had been embroiled in planning disputes for 15 years before getting the go ahead on an extension to its leases near Oaky.

Main image: New Acland coal mine workers, including mine general manager Dave O’Dwyer , celebrate the 100th new employee, at the mine near Acland, about two hours west of Brisbane. pic Lyndon Mechielsen/New Hope

The company announced a 70 cent or 13 percent dividend, for shareholders based on a closing price of $5.31.

It’s net profit of $1087.4 million was up from $983 million the previous year.

There’d been strong demand and supply constraints which pushed thermal coal prices to record levels over the first half of the last financial year, said New Hope Group Chief Executive Officer Rob Bishop.

“Exceptional performance across the business throughout FY23 enabled our team to capitalise on the market conditions, finishing the year with $730.7 million cash at bank, no debt following the convertible note repurchase and a net asset position of $2,525.3 million,” said Mr Bishop. 

“This outstanding result has enabled the Company to reward shareholders with a final fully franked dividend of 21 cents per ordinary share, and a special fully franked dividend of 9 cents per ordinary share. 

“We have continued to focus on improving safety performance, with the All-Injury Frequency Rate and Total Recordable Injury Frequency Rate improving by nine and 19 per cent respectively.” 

Approvals granted

During the year, all necessary approvals from the Queensland Government for the New Acland Mine Stage 3 were secured, including an Environmental Authority, Mining Leases and an Associated Water License. 

“We are proud to be welcoming team members back to New Acland. Stage 3 operations commenced at the Mine’s Manning Vale East Pit in May 2023, and the Coal Handling and Processing and Plant washed first coal earlier this month,” Mr Bishop said.