New Hope Coal

New Hope Corporation Limited

Type	Public (ASX: NHC
Industry	Resourcess
Headquarters	Brisbane, Australia
Area served	Australia
Key people	Robert Milner (Chairman) Robert Neale (Managing Director)
Products	Coal Bulk Handling Exploration
Revenue	A$329 million (2008)
Net income	A$90 million (2008)
Employees	250 FTE
Website	www.newhopecoal.com.au

New Hope Coal is an Australian coal-mining and energy company. New Hope's operations include New Acland Mine, Jeebropilly Mine, New Oakleigh Mine and Queensland Bulk Handling. New Hope Coal is 61.11% owned by Washington H. Soul Pattinson.

The company was first listed in 1904.^[1] New Hope Coal's current chairman is Robert Millner.^[1] The company's CEO is Robert Neale.^[2]

History

The early 1980s saw the commencement of coal exporting from the Ipswich region, with New Hope being one of the first companies to successfully obtain trials of Ipswich coal into the Japanese market. New Hope's first export shipment, 17,332 tonnes of Bundamba coal, was aboard MV "Floret" which sailed from the Maynegrain grain terminal at Pinkenba on 10 September 1980.^{[citation needed]} Increasing export coal business dictated the need for a dedicated coal terminal, so a joint venture between New Hope and TNT Shipping and Development was formed to develop a coal loading facility at the Port of Brisbane. Queensland Bulk Handling (QBH) was commissioned at Fisherman Islands in 1983.

In 1984, 13 underground and eight open cut mines were in operation in the Ipswich region.^{[citation needed]} Total production from these mines, which employed just over 1,000 people, was 2.9 million tonnes for the year.

Exports continued to increase to the point where, in 1986, New Hope's market mix had about-faced to 90 per cent export and 10 per cent domestic sales. Despite the district's increase in exports through QBH, which reached 1.6 million tonnes, the reduced requirements for the Swanbank Power Station and cessation of supplies to the Brisbane power stations resulted in a drop in production of close to 12 per cent. Total production from the Ipswich area was 2.8 million tonnes (1.54 from open cut mines and 1.28 from underground operations). Two mines, Westfalen and Box Flat were forced to close due to the termination of their supply agreements with the Swanbank Power Station.

The increase in exports played a major role in restructuring the workforce in the district, with open cut mining being more cost effective to compete on the world market. By the beginning of the 1990s, only 230 underground miners remained employed by the underground mines of MW Haenke No. 2, New Hope Western Leases Nos. 1 and 2 and Oakleigh No. 3. Further decline in the profitability of underground mining meant the closure of the last underground mines in the district by mid 1997, leaving three companies in the Ipswich area operating four open cut pits.

At the end of the last century, the declining export market and Australian dollar increased pressure on the local mining operations, forcing further restructure. All facets of the operations were investigated to find cost-effective solutions. One of the results of this cost cutting exercise was the cessation of barging coals along the Bremer and Brisbane Rivers with the last barge sailing 30 April 1998.^{[citation needed]} It was the end of an era; coal had been barged to various sites on these rivers, the last of which was QBH at Fisherman Islands, since the 1840s.

To service the New Acland Mine, New Hope Coal financed and constructed a 14 km road between Jondaryan and Acland in 2001.^[3]

New Saraji - sale to BHP

18 July 2008 New Hope Corporation Limited entered into an agreement to sell its New Saraji Coal Project to BHP Billiton Mitsubishi Alliance (BMA) for A$2.45 billion cash. New Hope has identified more than 690 million tonnes of coali at New Saraji (534 million tonnes inferred and 156 million tonnes indicated) which is near the town of Dysart in central Queensland.

New Hope Chairman Robert Millner said the sale would assist New Hope in expanding its New Acland mine situated outside Toowoomba, and further development of New Hope's Queensland Bulk Handling port facility in Brisbane. This sale realises substantial value for the New Saraji project. The cash was earmarked to fund growth of the New Acland mine, which has continued to increase production to more than four million tonnes a year with an application to increase production to 10 million tonnes a year. The funds will also underwrite our successful exploration efforts in our extensive exploration tenements.

New Hope Corporation was advised on the deal by Pitt Capital Partners.

See also

Queensland portal

• List of Australian companies

References

1. ^ ^{a b} Ali Moore (24 September 2009). "Soul Pattinson chair discusses company's success" (transcript). Lateline Business. Australian Broadcasting Corporation. http://www.abc.net.au/lateline/business/items/200909/s2695952.htm. Retrieved 2009-10-23. 
2. ^ Francene Norton (15 February 2006). "Mine expansion sends Qld town packing". The World Today. Australian Broadcasting Corporation. http://www.abc.net.au/worldtoday/content/2006/s1570762.htm. Retrieved 2009-10-23. 
3. ^ "New Hope coal mine road link to create jobs". ABC News Online. Australian Broadcasting Corporation. 29 November 2001. http://www.abc.net.au/news/newsitems/200111/s428730.htm. Retrieved 2009-10-23.