New Hope Corporation Ltd

Priced A$300m 2.625% convertible notes due 2032, conversion price A$7.41 (37.5% premium). A$293.3m of the 4.25% 2029 notes are being repurchased for A$333.5m, with the remaining A$6.7m to be redeemed. Lower coupon and higher conversion price.

debt financing

New Hope launched a A$300m convertible note offering due 2032 to fund repurchase of up to all of its A$300m 2029 notes, extending maturity and aiming to cut financing costs. Reference share price A$5.39. The company also notes thermal coal prices have risen since late February on Middle East conflict.

debt financing

Half-year to 31 January 2026: NPAT A$54.3m, down 84.0% from A$340.3m, on revenue of A$814.4m (down 20.1%). Interim dividend 10.0c, down from 19.0c a year earlier. Bridgeport Energy was divested during the period.

half year report

Coal resources rose to 2,547Mt from 2,426Mt, mainly from West Muswellbrook, up to 513Mt from 239Mt on a new geological model. Recoverable reserves slipped to 818Mt from 837Mt, reflecting Bengalla and New Acland depletion. An EL9431 resource update is expected in 2026.

resource reserve update

New Hope announced an on-market buy-back of up to A$100m, starting about 1 April 2025 over 12 months, alongside the 19.0c interim dividend. Half-year NPAT A$340.3m; available cash A$805.0m. The board says the share price undervalues its assets.

capital raising announcement

The Land Court confirmed the Oakey Coal Action Alliance appeal against the New Acland Stage 3 water licence is finalised and closed, after government consent and filing on 14 January 2025. This completes the discontinuance agreed the day before and ends that legal challenge.

regulatory community update

New Acland and the Oakey Coal Action Alliance agreed terms to discontinue the Land Court appeal against the Stage 3 water licence. Once formalised, this ends the last legal challenge to Stage 3 approvals and clears the ramp-up. Still needs government consent and court filing.

regulatory community update

Coal resources rose to 2,426Mt from 1,928Mt, mainly from 513Mt newly reported at the acquired West Muswellbrook tenement (AL19). Recoverable reserves slipped to 837Mt from 852Mt, reflecting Bengalla model updates and New Acland depletion of 2Mt. Other estimates unchanged.

resource reserve update

Bridgeport's net 2P reserves fell to 4.4 MMboe from 6.9 MMboe and 2C resources to 4.9 MMboe from 12.3 MMboe. Vali and Odin gas reserves were cut about 93% after weak appraisal results. Moonie and Kenmore CO2 recovery resources were moved to prospective after Queensland's June 2024 ban.

resource reserve update

Priced A$300m 4.25% convertible notes due July 2029, conversion price A$6.63 (30% premium). Net proceeds about A$293.3m. Capped calls with a A$9.18 cap price are meant to reduce dilution; New Hope may settle conversions in cash. Ends the debt-free position once settled.

debt financing

New Hope launched a A$300m senior unsecured convertible notes offering due 2029, with a put option in July 2027 and capped call options to limit dilution. Proceeds are for general corporate purposes. This follows the 2021 notes, which were fully repurchased.

debt financing

New Hope committed up to A$105m of Malabar's A$160m-plus placement at A$1.80 per share, from existing cash. A firm ~A$76m lifts its stake from 15% to 19.9%; a conditional ~A$29m could take it to about 23%. Funds Malabar's larger Maxwell longwall.

asset acquisition disposition

Quarter to October 2023: first New Acland Stage 3 coal mined (15 September) and railed. Underlying EBITDA A$244.9m, down 8.5%; cash A$812.1m before a A$253.6m dividend. Land Court hearing dates for the water licence challenge are not yet set.

quarterly activities report

2023 coal resources total 1,928Mt (1,939Mt in 2022). Only Bengalla changed, from a new geological model and pit design; New Acland and other deposits are unchanged. Total recoverable reserves are 852Mt versus 868Mt in 2022.

resource reserve update

Bridgeport's net 2P reserves rose to 6.9 MMboe and 2C resources to 12.3 MMboe at 31 July 2023 (6.2 and 11.0 a year earlier). Gains came from Vali and Odin appraisal wells and Kenmore CO2 recovery work. Vali and Odin are scheduled to produce this calendar year.

resource reserve update

Oakey Coal Action Alliance launched a new Land Court challenge to the New Acland Stage 3 water licence, naming New Acland Coal as respondent and seeking a halt to mining. New Hope will keep ramping up while it responds. This is the fourth Land Court round for the project.

regulatory community update

The Colton liquidators' NSW Supreme Court case against New Hope was dismissed after agreed settlement terms. The economic outflow is A$38.5m, consistent with the provision, versus roughly $174.1m originally claimed. This resolves the trial that was set for February 2023.

material agreement

The convertible note repurchase of about A$75m principal settled for A$258.1m in total, leaving A$18.7m of notes outstanding. New Hope also resumed its on-market share buy-back, with about A$268.7m of the A$300m program remaining.

debt financing

Half year to January 2023: net profit $668.6m (up 102.4%), revenue $1.58bn and underlying EBITDA $1,038.5m. Interim dividend 30.0c plus special 10.0c payable 3 May 2023. A $38.5m provision for the Colton liquidation case is reflected.

half year report

The note repurchase was upsized to about A$75m of the A$200m convertible notes because of strong noteholder interest. The price depends on the share price average to 14 March 2023, with settlement through that period.

debt financing

The New Acland Stage 3 Associated Water Licence was granted on 20 October 2022. New Hope now holds all primary approvals to resume mining, resolving the long approvals process that began with the Land Court recommendation in December 2021.

regulatory community update

Year to 31 July 2022: net profit $983.0m (2021: $79.4m), revenue $2.55bn and underlying EBITDA $1,577.4m. Final dividend of 31.0c plus special 25.0c, payable 8 November 2022. Lenton was sold to Bowen Coking Coal on 1 July 2022.

annual report

2022 coal statement at 31 May 2022: total resources 1,939Mt (2021: 2,655Mt) and recoverable reserves 868Mt (2021: 923Mt). Burton and Lenton were sold in 2022 and Yamala was surrendered, so their resources were removed. Elimatta was revised under a new geological model.

resource reserve update

The Minister for Resources granted the New Acland Stage 3 Mining Leases on 26 August 2022. Only the associated water licence is still needed, and preparations to resume mining have begun. The Chair warned of risk of further delay from court challenges.

regulatory community update

New Hope bought a 15% stake in unlisted Malabar Resources for $94.4m (75.5m shares at $1.25), funded from cash. Malabar is building the Maxwell underground metallurgical coal mine. It also terminated its undrawn debt facility, and Bengalla received an adjoining exploration licence. This follows the stated plan to deploy surplus cash into coal.

asset acquisition disposition

The Department of Environment and Science issued the New Acland Stage 3 Environmental Authority on 28 June 2022. Remaining primary approvals are the Mining Leases (Minister for Resources) and the associated water licence. This continues the long approvals process.

regulatory community update

The Coordinator-General issued her change report on the New Acland Stage 3 environmental conditions, satisfying a condition of the Land Court's recommendation. Remaining steps are the environmental authority decision, the mining leases and a water licence.

regulatory community update

Half-year to 31 January 2022: net profit $330.4m versus a $55.4m loss, with underlying EBITDA $554.4m. Debt is fully repaid. Interim dividend of 17.0c and special dividend of 13.0c, both fully franked, are payable 4 May 2022.

half year report

Rob Bishop is confirmed as permanent CEO on total fixed remuneration of $954,568 a year, and Rebecca Rinaldi as permanent CFO, both effective 14 February 2022. This resolves the leadership change that began with Schmidt's resignation in January.

director officer appointment

CEO Reinhold Schmidt resigned effective immediately after a short period of personal leave. CFO Rob Bishop becomes Acting CEO on a higher-duties allowance of $230,000 a year. The Chairman describes the outlook as positive.

director officer appointment

The Queensland Land Court recommended that the New Acland Stage 3 mining leases and environmental authority amendment be granted, subject to conditions. This is a major step in a long approvals fight, but government approvals are still needed.

regulatory community update

2021 coal resources and reserves update as at 31 May 2021: reserves and resources reduced only by mining depletion at New Acland and Bengalla. Total recoverable reserves are 923Mt, down from 939Mt; total resources 2,655Mt, down from 2,672Mt.

resource reserve update

FY2021 statutory profit after tax was $79.4m versus a $156.8m loss in FY2020, on revenue of $1,048m. Underlying EBITDA was $367.2m. A final dividend of 7.0c fully franked was declared, payable 9 November 2021.

annual report

Bridgeport's 2P oil and gas reserves rose to 5.9 MMboe from 4.4 MMboe a year earlier, helped by Vali gas appraisal wells. Contingent (2C) resources fell to 9.3 MMboe from 12.7 MMboe, as some moved into reserves.

resource reserve update

New Hope priced A$200m of convertible notes due 2026 at a 2.75% coupon. Conversion price is A$2.10, a 25% premium to the A$1.68 reference price. Net proceeds are about A$196m, for general purposes including possible M&A.

capital raising announcement

New Hope launched a A$150m senior unsecured convertible note offering due 2026, upsizable by A$50m, with Jefferies as lead manager. Proceeds are for general corporate purposes, possibly including M&A. Terms depend on a book-build.

capital raising announcement

New Hope lifts FY2021 EBITDA guidance to $330m–$390m on stronger coal prices, with net debt to EBITDA expected below 0.5 times. The Japanese reference price was settled at US$109.97, up 60%. It declines to comment on acquisition speculation.

other

Liquidators of the collapsed Colton and Northern Energy subsidiaries plan to sue New Hope and former officers over claims they value at $174.1m plus interest and costs. New Hope will defend. An earlier ~$155m guarantee claim was dismissed up to the High Court.

other

The High Court upheld the Oakey Coal Action Alliance appeal, sending New Acland Stage 3's mining lease and environmental authority applications back to the Queensland Land Court. This follows the reserved October 2020 hearing. The company says it gives no certainty; federal approvals are already granted.

regulatory community update

Washington H. Soul Pattinson sold 50 million New Hope shares (about $70.2m), cutting its holding from 50.01% to 43.94% (365.7m shares). Its stake in New Hope falls below half.

other

Voluntary redundancies offered at head office, with up to 75% of corporate staff and most executive positions to go by end November 2020. CEO Schmidt cites New Acland approval uncertainty and a tough couple of years even if approved.

other

Bridgeport's net 2P oil reserves at 31 May 2020 fell to 4.4 MMboe from 5.7, while 2C resources rose to 12.7 MMboe from 11.3. Lower oil prices and higher Queensland royalty cut reserves; the Vali-1 gas discovery lifted resources.

resource reserve update

FY2020 revenue fell 17% to $1,084m; profit before non-regular items fell 69% to $84m, and a $156.8m statutory loss followed non-regular items (including impairments). No final dividend; full-year dividend is 6.0c. Net debt is $290m.

annual report

2020 coal update at 31 May 2020: initial 207Mt recoverable reserve booked for Taroom; total recoverable reserves 939Mt (749Mt in 2019). Total resources 2,672Mt (2,636Mt). Bengalla and New Acland reserves fell slightly on updated models; 240Mt of New Acland reserves need approvals beyond Stage 3.

resource reserve update

CFO Matthew Busch resigned after more than 23 years with the company. Rob Bishop, General Manager Corporate Development, becomes Acting CFO for up to six months while a permanent replacement is sought. Second senior departure after the CEO's retirement.

director officer appointment

Reinhold Schmidt, former Yancoal Australia CEO, appointed CEO from 1 September 2020, starting 3 August to overlap with Shane Stephan. Total fixed pay is $1.5m a year. Resolves the CEO search begun in May.

director officer appointment

High Court dismissed, with costs, the applications by WICET and the liquidated Colton companies to appeal the Colton cross guarantee decision. New Hope is confirmed not to have guaranteed their debts. Resolves the January 2020 special leave applications.

regulatory community update

High Court granted Oakey Coal Action Alliance special leave to appeal the 1 November 2019 orders; no hearing date set. The company notes the groups are not challenging the substantive findings and asks the Queensland Government to approve Stage 3 now. Delay continues.

regulatory community update

CEO and Managing Director Shane Stephan will retire on 31 August 2020 after eleven years with the company. Korn Ferry will help select a successor from internal and external candidates, so leadership change is now under way.

director officer appointment

NSW Court of Appeal confirmed that New Hope has not guaranteed the debts of the Colton companies under the cross guarantee. This dismisses WICET's appeal, though the text notes no further proceedings; the potential exposure of about $130m is reduced to a lower risk. Resolves the August 2019 appeal.

regulatory community update

Queensland Court of Appeal issued final orders dismissing the Oakey Coal Action Alliance's appeal and granting New Acland's orders. New Hope says nothing now bars government approval of Stage 3; leases, water licence and Jondaryan approval are still needed. Resolves the pending court orders.

regulatory community update

Record FY2019 profit before non-regular items: $268m (up 3%) on revenue $1,306m, final dividend 9.0c for 17.0c total. Net cash flow from operations $510m. Up to 150 New Acland redundancies as Stage 3 approvals remain delayed.

annual report

Annual coal resources and reserves at 31 May 2019: total resources 2,636 Mt, with New Acland and Bengalla down on mining depletion. New Burton resource declared; recoverable reserves 749 Mt, down from 770 Mt.

resource reserve update

Queensland Court of Appeal ruled against the Oakey Coal Action Alliance and for New Acland on groundwater, finding the original Land Court recommendation was infected by apprehended bias. Final orders are pending; New Acland Stage 3 still needs leases and a water licence.

regulatory community update

NSW Supreme Court ruled New Hope has not guaranteed the debts of the Colton companies under the Deed of Cross Guarantee. This favours New Hope in the dispute with WICET over a potential liability of about $130m.

other

New Hope completed the purchase of Mitsui's 10% Bengalla interest, lifting its stake to 80% with Taipower on 20%. Effective date 1 December 2018. Resolves the pending A$215m deal announced in November 2018.

asset acquisition disposition

Queensland granted the environmental authority amendment for New Acland Stage 3. Mining leases and an associated water licence are still required before the project can proceed. Stage 3 is expected to generate $7 billion of economic activity over 14 years.

regulatory community update

New Hope began Supreme Court of NSW proceedings against WICET and others, seeking a declaration that it is not bound by the cross guarantee for the debts of the Colton subsidiaries. Continues the dispute over a potential liability of about $130m.

other

New Hope completed its purchase of Wesfarmers' Bengalla stake, taking its interest from 40% to 70% with Taipower on 20% and Mitsui on 10%. The A$215m Mitsui purchase is expected in early 2019, for up to 80%.

asset acquisition disposition

Taipower will take 10% of Wesfarmers' Bengalla stake, so New Hope will hold 70% once that completes. New Hope also agreed to buy Mitsui's 10% for A$215m, for up to 80%. Funded by a new A$600m loan facility and a A$300m facility for bonds and guarantees.

asset acquisition disposition

The Wiggins Island terminal operator (WICET) claims New Hope guaranteed the debts of the administered Colton subsidiaries under a cross guarantee. New Hope denies this, but says it would face a potential liability of about $130m if the claim were upheld.

debt default or forbearance

Queensland Land Court conditionally recommended granting the New Acland Stage 3 mining leases and environmental authority amendment, provided the Coordinator-General first amends noise limits. Reverses the 2017 recommendation against; further approval steps remain. About 300 employees and 500 contractors depend on the mine.

regulatory community update

Two subsidiaries owning the Colton Project, Northern Energy Corporation and Colton Coal, were placed into voluntary administration (Grant Thornton). Follows the full Colton impairment flagged in September. New Hope says its other projects and operations are unaffected.

bankruptcy or receivership

Full year to 31 July 2018: revenue $1,078.6m, profit $252.6m before non-regular items and $149.5m after, including a $92.6m after-tax coal exploration impairment. Final dividend 8.0c, making 14.0c for the year. Operating cash $434m before interest and tax.

annual report

First public reserves statement for oil subsidiary Bridgeport as at 1 August 2018: 2P reserves 5.6 million barrels and 2C contingent resources 11.4 million barrels. Management says growth will come from drilling and acquiring producing onshore Cooper/Eromanga and Surat assets.

resource reserve update

Profit guidance for year to 31 July 2018: profit before non-regular items $248–253m, but about $103m after-tax non-regular charges, mainly an impairment of the Colton exploration project. Statutory profit expected at $145–150m. Colton, once approved and awaiting an investment decision, is written down.

other

New Hope committed to buy Wesfarmers' 40% of Bengalla for $860m, lifting its stake to up to 80% depending on Mitsui and Taipower's pre-emption rights. Funded by cash and new debt facilities, with completion anticipated in late 2018. Doubles its largest coal asset.

asset acquisition disposition

Oakey Coal Action Alliance lodged an appeal against the Supreme Court decision that set aside the Land Court's New Acland Stage 3 recommendation. New Hope is reviewing the grounds. This adds fresh uncertainty to the win announced on 2 May.

regulatory community update

Queensland Supreme Court set aside the Land Court's 2017 recommendation against New Acland Stage 3, finding errors on groundwater, noise and intergenerational equity. The matter returns to the Land Court. This reverses the setback from May 2017 and keeps the project alive.

regulatory community update

Bengalla (New Hope 40%) settled its court case against MACH Energy over the neighbouring Mount Pleasant mine, resolving the proceedings begun April 2017. Bengalla supports MACH's applications and pays $12m by instalments; MACH must remove rail infrastructure by October 2022.

joint venture update

Half year to 31 January 2018: revenue $509.4m, profit after tax $115.6m (up 111%), operating cash $206.7m. Interim dividend 6.0c fully franked, up from 4.0c. Continues the earnings recovery seen in the first quarter, helped by higher coal prices.

half year report

Queensland's environment department refused the environmental authority amendment for New Acland Stage 3. This adds to the Land Court's adverse recommendation; the company is considering options, and the Supreme Court judicial review is due in March. About 300 employees and 500 contractors depend on the mine.

regulatory community update

The Lenton Joint Venture (New Hope 90%) completed buying four Burton Coal Mine tenements and infrastructure from Peabody for A$14.4m. This closes the deal announced in September; the assets adjoin the New Lenton Project.

asset acquisition disposition

Year to 31 July 2017: revenue $844.1m, profit after tax $140.6m ($128.7m before non-regular items) against a $53.7m loss the year before. Final dividend 6.0c, making 10.0c for the year. Operating cash flow was $313m before interest and tax.

annual report

The Lenton Joint Venture (New Hope 90%) agreed to buy four mining tenements and infrastructure from Peabody's Burton Coal Mine for A$14 million. They adjoin the New Lenton Project; completion is expected early 2018, subject to conditions.

asset acquisition disposition

New Acland Coal applied for judicial review of the Land Court's recommendation against Stage 3. This is the company's challenge to the adverse 31 May ruling; no outcome or timing is given.

regulatory community update

Land Court recommended that the New Acland Stage 3 mining leases and environmental authority amendment not be granted. This contradicts hopes of approval; the Minister makes the final decision. The mine employs 782 people, and the company remains committed to Stage 3.

regulatory community update

Queensland granted mining leases for the Colton coal project near Maryborough, following the environmental authority in December 2016. A final investment decision is still required; the company will now study development timing and method.

regulatory community update

Half to 31 January 2017: revenue $374.6m, NPAT $68.4m ($54.9m before non-regular items, up 265%) versus $2.7m a year earlier. Operating cash flow $119.7m. Interim dividend 4.0c, double last year's. Bengalla contributed $39.7m.

half year report

Profit guidance for the half to 31 January 2017: NPAT of $50-54m before non-regular items, versus $15.0m a year earlier. About $14m non-regular rail-charge gain lifts the total to $64-68m. Results due 21 March.

other

Federal government granted EPBC approval for the revised New Acland Stage 3. State approvals (environmental authority, mining lease, water licence) are still needed; Land Court recommendations now expected around April 2017. Revised plan extends mine life to about 2029.

regulatory community update

Extreme weather on 13 November damaged the shiploader at the company's QBH coal terminal. Repairs could take several weeks, during which no coal can be loaded. Financial impact is still being assessed; may lower current-period sales.

production update

Queensland passed groundwater legislation (EPOLA) that, per the MD, is likely to delay New Acland Stage 3 by at least 12 months. A new water licence is needed, with possible further Land Court proceedings. Contradicts the hoped-for December 2016 decision; over 300 jobs said to be at risk.

regulatory community update

New Hope completes the purchase of the 40% Bengalla interest from Rio Tinto, agreed at A$865m. The company expects an immediate positive contribution to operating and financial performance.

asset acquisition disposition

New Hope agrees to buy Rio Tinto's 40% of the Bengalla thermal coal mine (NSW Hunter Valley) for A$865m, answering its search for coal acquisitions. The mine produces about 8.6 Mtpa with about 218 Mt marketable reserves (100% basis). Subject to partners' pre-emption rights; completion expected Q1 2016.

asset acquisition disposition

FY2015: loss of $21.8m versus $58.4m profit in FY2014, after $73.6m of non-regular items including oil asset and goodwill impairments. Profit before non-regular items rose 24.7% to $51.7m. Final dividend 2.5c plus special 3.5c. Acland reserves deplete in 2018 without expansion.

annual report

Half-year to 31 January 2015: profit of $34.2m before non-regular items, up 51%, but oil and gas impairments of $58.5m after tax produced a net loss of $23.1m. This confirms the impairment flagged in February. Interim dividend cut to 4c from 6c.

half year report

Half-year guidance: profit of $32m–$34m before non-regular items, but an oil and gas impairment of up to $54m is being assessed. If it is required, a net loss of $20m–$22m is likely. Cited cause: significant oil price movements.

other

Cockatoo Coal says the sale of its 51% of the North Surat Joint Venture to New Hope's subsidiary completed on 23 December for $25m. This closes the deal announced in November. Cockatoo remains in voluntary suspension.

asset acquisition disposition

The Coordinator-General approved the revised New Acland Stage 3 project, extending the mine's life to about 2029. This resolves the long-running approval thread; without it reserves would have run out in 2017. Jobs rise to about 435 operational.

regulatory community update

Quarter to 31 October 2014: saleable coal 1.48 Mt, down 2%, but profit ahead of last year. New Hope agreed to buy Cockatoo's 51% of the North Surat Joint Venture for $25m. Dart's takeover by IGas completed, leaving NHC with 14.7m IGas shares, a 5% stake.

quarterly activities report

Quarter to 30 April 2014: saleable coal up 18% to 1.43 Mt. Redundancies planned at West Moreton and head office. Bridgeport's Utopia and Inland wells failed to deliver oil and Moothandella-4 produced none. NHC's 17.7% Westside is under a 40c bid; it will back IGas's Dart takeover.

quarterly activities report

Half to 31 January 2014: net profit $22.7m, down 67% from $68.8m, on revenue of $284.9m (-11.8%). Coal contributed $7.3m (versus $45.2m). Interim dividend held at 6c. Weak export prices, high A$ and the New Oakleigh closure are blamed.

half year report

Profit guidance: net profit for the half to 31 January 2014 expected at $21m to $23m, versus $68.8m a year earlier. New Hope attributes this to weak thermal coal prices and a high Australian dollar. Full results due 25 March 2014.

other

New Hope, through subsidiary Krestlake, requisitioned a Dart Energy shareholder meeting to remove three directors and appoint four nominees, including its own retiring CEO Robert Neale. It will not back Norman Stanley's re-election. Dart is a long-held NHC investment, written down $31.7m this year.

other

CEO Robert Neale will retire on 31 January 2014, with CFO Shane Stephan expected to become CEO from 1 February 2014 and Matthew Busch to become CFO. Bruce Denney stays as COO. Described as a planned succession.

director officer appointment

Reserves at 31 March 2013 fell 15% to 643 Mt from 753 Mt, mainly from New Acland (495 to 441 Mt: Acland township exclusion, Lagoon Creek, depletion) and Elimatta (191 to 139 Mt). Resources edged up to 2,532 Mt.

resource reserve update

New Hope unveiled a scaled-back New Acland continuation plan to run the mine to about 2029, with production at least 25% below the originally proposed 10 Mtpa. Without it, closure would come in 2017. It still needs environmental assessment.

regulatory community update

Year to 31 July 2012: revenue $767.5m (+15.9%); profit before non-regular items $171.1m (+16.4%); net profit $167.1m versus $503.1m last year, which included the Arrow and Lenton sale gains. Final dividend 5c plus special 20c. Chairman expects a challenging year ahead.

annual report

Updated JORC statement at 31 March 2012: resources up 64% to 2,511 Mt and reserves up 38% to 753 Mt since March 2011, mainly from the newly acquired Northern Energy deposits and extra Lenton resource. Up to 23.9% of Acland reserves could be lost to cropping-land rules.

resource reserve update

New Hope will make an off-market takeover bid at $0.41 cash per share for the rest of unlisted oil producer Bridgeport Energy, valuing it at $76m fully diluted. Maximum cost to New Hope is about $45m. Independent directors recommend acceptance, subject to the independent expert's opinion.

asset acquisition disposition

New Oakleigh mine at Rosewood will stop mining in early 2013, at the end of its productive life; 2012 output was only 350,000 tonnes. About 30 employees are being redeployed where possible. West Moreton production falls as a result.

production update

The formal sale process begun on 5 October 2011 has ended without a definitive proposal reflecting New Hope's strategic value. The board will continue as an independent company focused on growth, resolving the takeover speculation with no deal.

other

New Hope says it has received several preliminary, incomplete proposals about a possible change of control and will run a formal process for potential bidders over several months. It may or may not produce a proposal. Pitt Capital and Baker & McKenzie are advising.

other

New Hope, holding 98.55% of Northern Energy, gave notice that it will compulsorily acquire the remaining shares at $2.00 cash. Holders who accept the offer get paid sooner; compulsory payment is expected to take 4-6 weeks.

business combination

Media release on the 2011 result: $503.1m profit, with underlying profit down 20% to $146.9m on weather impacts. Plans to double coal production over 5-7 years, using about $1.5bn of excess cash, subject to approvals. FY2012 guidance about 6.0 Mt. Northern Energy now over 98%.

annual report

Year to 31 July 2011: profit $503.1m (up 174%), helped by the Arrow and Lenton sales; profit before non-regular items fell 20.1% to $146.9m. Final dividend 5c plus special 15c, fully franked, payable 8 November 2011.

annual report

New Hope's ownership of Northern Energy rose to 97.5% on 31 August 2011, so it can now compulsorily acquire the rest. This moves the second bid ($2.00 cash) towards full ownership of the company.

business combination

New Hope offers $2.00 cash, unconditional and best and final, for the Northern Energy shares it does not own, valuing them at about $50m. New Hope already holds 80.83%. The price is a 29% premium to the last close of $1.55, funded from existing cash.

business combination

Updated JORC statement at 31 March 2011: coal resources up 56% from 980 Mt to 1,529 Mt, and reserves up 12.4% from 484 Mt to 544 Mt. Based on further drilling, seismic data and remodelling. Acland resources now 855 Mt.

resource reserve update

New Hope agrees to sell a 10% interest in the Lenton project to Taiwan's Mai-Liao Power for A$58.04m, forming the Lenton Joint Venture. Payment is conditional on an agreed resource of at least 200 Mt being delineated, and on government approvals.

farm in farm out agreement

New Hope's voting power in Northern Energy passed 50% on 23 February 2011, so its $1.85 offer is automatically extended to 9 March 2011. New Hope now has majority control. It warns remaining holders of a possible price fall, thin liquidity and possible delisting.

business combination

Northern Energy warns that New Hope has disclosed an agreement with its largest holder, Xinyang, giving it a relevant interest in 11,008,907 of Xinyang's 16,315,000 shares. The board says New Hope may now be more likely to reach the 90% needed for compulsory acquisition. This qualifies its earlier view.

business combination

Northern Energy's board, bar one director who made no recommendation, now recommends accepting New Hope's final $1.85 offer, as alternative bidders withdrew. Several major institutions plan to accept. The board thinks New Hope is unlikely to reach 90% and Northern Energy may stay listed. This reverses its earlier rejection.

business combination

New Hope lifts its Northern Energy offer to $1.85, declared unconditional and best and final, closing 25 February 2011. Northern Energy's board still says take no action, saying the price is below the expert's range, and reports talks with other parties but no binding offer. New Hope holds about 5.03%.

business combination

Rail capacity on the damaged Western Rail System may only return from mid April 2011, versus the earlier 6-8 week estimate. QR National has declared force majeure and New Hope has declared force majeure on some export contracts. Trucking up to 50,000 t/week is sought; financial impact not yet estimated.

production update

New Hope raises its Northern Energy offer to $1.75 cash, about $225m for the equity, from $1.50. It waives most conditions, leaving a 50.1% minimum acceptance, no material adverse change and no prescribed occurrences. The offer closes 22 February 2011 unless extended.

business combination

Acland and West Moreton mines had no flood damage and restarted after a three to four day outage. However, the Western Rail line serving New Acland is badly damaged; Queensland Rail estimates at least 6-8 weeks before railing resumes. This puts FY2011 guidance of 6.0 Mt at risk (inference).

production update

Heavy rain in south-east Queensland suspended production at all New Hope operations. No flood damage to the mine sites so far, but transport infrastructure damage is being assessed. The company cannot yet estimate the full impact.

production update

Northern Energy says its independent expert (Lonergan Edwards) finds New Hope's $1.50 offer not fair or reasonable, valuing shares at $3.48-$4.75, or $2.70-$3.99 if a capital raising is needed. Directors urge shareholders to reject. This is a major hurdle for the bid.

business combination

Northern Energy says it received a non-binding, conditional cash approach from New Hope at a premium to its last price, and rejected it as inadequate. It remains open to talks, and the terms were kept confidential. Shareholders were told to take no action.

business combination

New Hope launched a $1.50 per share cash off-market takeover for Northern Energy, valuing it at $193m, a 42.9% premium to the 6 Oct close. New Hope already holds 4.9%, needs 50.1% acceptance, and says it will fund the deal from existing cash.

business combination

Preliminary FY2010 results release: record saleable coal of 5.9 Mt (+15.2%), exports 4.9 Mt (+26.2%), NPAT $183.8m. FY2011 guidance is 6.0 Mt. The Arrow shares sale was finalised 23 Aug 2010 for $576m cash, with a $326m after-tax profit to be booked in FY2011.

other

New Hope agreed to buy an initial 25% of a licensed direct coal-to-liquids technology company, with Quantex Research holding the other shareholding, and a right to go to 51%. A proof-of-concept plant is planned for 2011. It flags scale-up risk.

material agreement

Updated statement as at 31 March 2010: Acland reserves 493 Mt (previously 516 Mt in context) and total resources 980 Mt including Lenton 84 Mt. Acland resources are 879 Mt, up from 781 Mt, from further exploration.

resource reserve update

Macarthur's board unanimously rejected New Hope's revised offer, saying the premium is inadequate and the $950m cash cap covers only about 26% of shares. The only change was adding cash. It kept its backing for the 19 April vote on the Noble deals.

business combination

New Hope revised its Macarthur scheme offer to let shareholders choose 2.7 New Hope shares or $14.50 cash, with cash capped at $950m. It says the merged group would keep net cash above $1bn, assuming the Arrow scheme is approved.

business combination

Macarthur's board unanimously refused to recommend New Hope's 2.7-for-1 offer, saying it gives no adequate control premium, is scrip only and needs 75% approval. It argues the premium is only 4-11% using comparable average prices. A setback for New Hope's bid.

business combination

New Hope proposes to buy all of Macarthur Coal by scheme, offering 2.7 New Hope shares per Macarthur share, valuing it at $14.58 a share and $3.71bn in total. It is conditional on Macarthur's Gloucester deal lapsing. A big strategy shift for a company previously calling deals fully priced.

business combination

New Hope, via Uniford, will buy 7% of WestSide for $4.84m (8.806m shares). It can lift this to 19.9% through the underwritten entitlement offer at 45c and may nominate a WestSide director. Extends its coal seam gas exposure alongside Arrow and Planet Gas.

asset acquisition disposition

WestSide Corporation raised $64.41m to buy Anglo American's 51% of the Dawson coal seam gas fields, with New Hope and EIT backing it. New Hope expects to invest $23.3m for 19.9%, with placements at 55c and a 1-for-1 offer at 45c.

capital raising announcement

Media release on the half-year: profit $111.6m, slightly above the $100-110m guidance, with export sales up 31.5%. Full-year sales forecast of 5.5-6 Mt kept. After period end, a Shell/PetroChina vehicle proposed $4.70 cash per share for Arrow, in which New Hope holds 16.7%.

half year report

FY2009 (to 31 July): profit after tax $1.95bn including the New Saraji sale gain; profit before non-regular items $262.3m. Final dividend 4.5c and special dividend 72.75c, payable 10 November 2009, as previously flagged; total 82c for the year. Auditor review unqualified.

annual report

New Hope bought a 13% stake in Planet Gas (coal bed methane in Wyoming, plus Australian geothermal) for $4.51m via Hueridge, becoming its largest shareholder. It can lift this to 19.9% in a second tranche at 9.5c, subject to approval.

asset acquisition disposition

Shane Stephan, previously Chief Development Officer at Macarthur Coal, joins as permanent CFO from 31 August 2009, to implement the long-term capital management plan. This ends the acting arrangement after Mantell's exit; new site managers also named.

director officer appointment

Updated statement at 31 March 2009: Acland reserves 516 Mt and total resources 874 Mt, including Lenton 84 Mt and a new Bee Creek 9 Mt. Acland reserves are well above the 234 Mt previously reported (different basis possible).

resource reserve update

Half-year to 31 January 2009: profit before one-offs up 261.5% to $132.5m; including the $1.688bn New Saraji sale gain, net profit was $1.82bn. Interim dividend 4.75c; $600m special dividend still planned for November 2009. Net assets $2.4bn.

half year report

CFO and company secretary Paul Mantell, with New Hope more than 27 years, will leave on 16 March 2009. A consultant has been appointed to recruit a successor.

director officer appointment

CEO Robert Neale, in the role since 2005, was also appointed Managing Director, a board-level promotion. He joined New Hope in 1996.

director officer appointment

First-quarter FY2009 operational profit rose 160% to $32.5m; total profit $53.8m including $21.5m interest on sale proceeds. Management still expects full-year operational profit of $125-150m, a $600m special dividend in November 2009, and about $1.1 billion cash after $725m tax, with no debt.

other

Full year to 31 July 2008: net profit up 30.8% to $90.7m on revenue of $329.8m; EPS 11.2 cents. Final dividend 3.5c and special dividend 8.0c declared, for total dividends of 13.75c. The New Saraji sale gain falls in FY2009.

annual report

The $2.45 billion sale of New Saraji to BMA completed on 10 September 2008. The board is assessing its capital structure and potential uses of the proceeds.

asset acquisition disposition

New Hope agreed to sell the New Saraji project to BHP Billiton Mitsubishi Alliance for $2.45 billion cash, completing by October 2008 subject to FIRB approval, with no financing condition. Proceeds are to fund Acland and QBH expansion; the board is weighing capital management.

asset acquisition disposition

New Hope was granted a 15-year mining lease (ML 70337) over the open-cut resources of Lenton, near Moranbah, which holds 84 Mt of in-situ coal. Port capacity constraints will likely affect the development schedule up to 2010.

regulatory community update

Environmental approval was received to lift New Acland saleable production to 4.8 Mtpa. Output can rise to 4.2 Mtpa immediately; going beyond that depends on rail and port capacity and plant upgrades, possibly within 12 to 18 months.

regulatory community update

New Hope will not raise its 0.94-share offer to beat Xstrata's higher bid for Resource Pacific, citing Newpac production problems, long-wall difficulties and lack of synergies. It will seek ASIC consent to withdraw, and will push on with New Saraji and renewable energy.

business combination

The replacement bidder's statement was sent to Resource Pacific shareholders. The 0.94-share offer opens 3 December 2007 and closes 1 February 2008, unless varied.

business combination

New Hope secured a 28-year contract from 2010 for Toowoomba City Council recycled water for New Acland, via a 47 km pipeline it will build and own. Work has also started to expand Queensland Bulk Handling from about 4 to 6-7 million tonnes a year from 2010.

contract award

New Hope withdrew its original Resource Pacific bid and replaced it with 0.94 New Hope shares per RSP share (was 1.04), after RSP's $165m offer at $1.60 passed. It values RSP at about $2.25 a share, roughly $754 million. Bidder's statement due around 12 November.

business combination

Resource Pacific, the target of New Hope's announced unsolicited scrip takeover bid, advises its shareholders to take no action and calls the bid opportunistic. This is New Hope's first move into a Newpac-mine takeover; the Resource Pacific text does not give terms.

business combination

Tarong Energy will not exercise its option to buy 5.7 million tonnes a year from New Acland from 2011, despite New Hope meeting all conditions. New Hope says that coal can go to exports, citing doubled world prices, and is pursuing rail, port expansion and coal-to-liquids.

material agreement termination

New Hope completed buying the other 50% of Queensland Bulk Handling, the Port of Brisbane coal terminal that exported 4.2 million tonnes last year, taking it to 100%. It also hired a Chief Operations Officer and a Saraji Project Executive for the proposed New Saraji underground mine.

asset acquisition disposition

Marketable coal reserves rose 280% to 245 million tonnes and total resources 25% to 1,687 million tonnes. Saraji East inferred coking coal rose 226 million tonnes to 678 million. Acland Stage 3 was granted Project of State Significance status in May 2007.

resource reserve update

New Hope bought a 19.9% stake in coal seam gas producer Arrow Energy from Macquarie Bank for $48.5 million cash, becoming its largest shareholder. This diversifies the group beyond coal; it seeks board representation.

asset acquisition disposition

Tarong Energy was granted an option to buy 5.7 million tonnes a year from New Acland for 25 years from 2011. It depends on proving enough coal, ACCC and tax clearance, and Tarong choosing New Acland by 30 June 2007.

material agreement

Quarterly report with an updated coal resource statement as at 1 May 2006: about 1,349 million tonnes in total, with recoverable reserves of 126 million tonnes. Lenton was upgraded; Sedgman will build the Acland Stage 2 plant. Nine-month coal sold rose 10%.

resource reserve update