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Energy company, New Hope Corporation Limited (ASX:NHC) was advised by the Department of Environment and Science on 15 February 2019 that, after provision of the Coordinator Generalâs change report on 12 February 2019 approving amendments to noise limit conditions recommended by the Land Court, the preconditions to the Land Courtâs recommendation to approve the application to amend the Environmental Authority for the New Acland Stage 3 project have now been satisfied.
As a further result of the Coordinator Generalâs change report, the preconditions to the Land Courtâs recommendation to approve the Mining Leases for the New Acland Stage 3 project have also been satisfied. These are positive steps for the approval of the project and signifies that a final decision on the Environmental Authority for the New Acland Stage 3 project is due by 12 March 2019 unless the time period for the final decision is extended by the government.
There are still several further steps required in order to obtain final project approval including the grant of the Mining Leases and Associated Water Licence for the project. New Hope aims to actively and efficiently work with the relevant government departments for necessary approvals, to ensure smooth delivery of the the New Acland Stage 3 project. Gaining the final approval in 2019 is crucial to ensure the functions to continue.
New Hope Corporation Limited is an Australian managed company with interests and functions extending to coal mining, exploration, port operation, conventional oil, agriculture etc. The company was founded in 1952 and is based in Queensland from more than six decades.
On 18 February 2019, NHC published its quarterly report for the period ended 31 January 2019. During the quarter, NHCâs total coal production benefitted from the completion of the acquisition of a further 30% of the Bengalla Joint Venture to a 70% interest at the beginning of December 2018.
A binding commitment to purchase Mitsuiâs 10% interest in the Bengalla Joint Venture was announced on 26 November 2018 (subject to the pre-emptive rights process under the Joint Venture Deed). Consistent with the Wesfarmers transaction, the Mitsui transaction also has a 1 December economic effective date.
With majority ownership of Bengalla secured, work has been progressing on the integration of the Bengalla site into the New Hope operating the business.
The group delivered strong production of 2.7 million tonnes for the quarter, an increase of 28.2% on the prior corresponding period. The Companyâs Annual General Meeting was held on 20 November 2018. The Half-Year Financial Report is scheduled for release on 19 March 2019.
The stock of the company is currently trading at A$4.200 (as at 19 February 2019, 2:57 PM AEST), up by 0.962% or 0.040 points. The company has a market capitalization of circa A$3.46 billion and 831.27 million outstanding shares. Its 52-week high was noted at A$4.285 and low at A$1.935. The stock of the company has generated a positive return of 8.62 % in the past six months.
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