The New Hope Corporation Limited (ASX: NHC) share price is up more than 5% after winning a court case.
New Hope is an Australian diversified energy business which has been operating from its Queensland base for more than six decades. It has interests and operations across coal mining, exploration, port operation, oil, agriculture and innovative technologies. But, its main operations are currently in coal mining.
New Hope’s Court Judgement
Yesterday, after the market had closed, the company announced it had received the judgement from the Queensland Court of Appeal for the New Acland Stage 3 project.
Pleasingly for New Hope, the Court of Appeal ruled against Oakey Coal Action Alliance. It also ruled in favour of New Hope’s New Acland Coal about groundwater and that the original Land Court recommendation was “infected by apprehension of bias.”
New Hope said it was pleased with the outcome and will wait for the final orders before assessing the next steps for the New Acland Stage 3 project.
Whilst I’m pleased for New Hope I’m unsure about the future of coal and investing in cyclical resource businesses isn’t attractive to me. I’d rather buy shares of the reliable businesses in the free report below.
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