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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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.