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Major coal miner New Hope Group has released its July quarterly report, revealing a record underlying EBITDA (earnings before interest, taxes, depreciation, and amortisation) of $1750 million.

New Hope also announced that it had produced and sold first coal from Malabar’s Maxwell mine in stage one of its bord and pillar operation.

The mine, which commenced construction south of Muswellbrook in the New South Wales Upper Hunter in May 2022, will generate 430 full-time, long-term new jobs, delivering $86 million in wages into the local economy each year.

It is also projected to generate more than $1–1.2 billion in mining royalties for the people of NSW over the initial 26 years of operation.

The reported Bengalla2 coal sales of 2.11 million tonnes (Mt) from the Bengalla Mining Company in the Hunter Valley region are in line with previous quarter of 2.15Mt and 7.6Mt for the 2023 financial year.

Since it was granted development consent in 1996, the Bengalla mine has consistently supplied international markets with thermal coal with the mine’s employees working in shifts to keep the single pit open cut mine operational 24 hours a day, seven days a week.

The average realised sales price has seen a significant increase to $346.7 compared to $281.8 for the 2022 financial year and the ongoing on-market share buy-back program resulted in 37.1 million ordinary shares bought back for A$192.4 million since its launch on November 3 2022.

The New Acland mine in the Darling Downs region began stage three mining operations on May 1 with a total of 1.3Mbcm in prime waste moved. This is a huge win for New Hope, as the company has been campaigning for the progression of New Acland stage three for 13 years.

In conversation with the nearby community of Oakey, the project will be located at least 10km away from the township and will be subject to rigorous scientific and environmental assessment by the State Government through the regular Environmental Impact Statement (EIS) processes.

Lastly, closing cash and cash equivalents stand at $730.7 million, with cash generated from operations at $121.2 million for the quarter and a record $1,524.8 million for the 2023 financial year.