New Hope Swings Back To Profit

Coal miner New Hope Corporation, which is a part of the Washington H. Soul Pattinson group of companies has swung to an annual profit on the back of stronger sales and sharply improved coal prices – much from its from its recently purchased stake in the huge Bengalla mine in the Upper Hunter Valley of NSW.

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NHC – Macquarie rates as Outperform

New Hope Coal’s acquisition of Rio Tinto’s ((RIO)) Bengalla thermal coal mine in the Hunter transforms the company from being mostly a cash box to being a low-cost producer offering geographical diversification, the broker suggests. Throughout this period of low coal prices, New Hope has managed to maintain margins at existing operations.

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