The New Hope (ASX: NHC) share price increased by 6.5% today, making it the winner of the ASX 200 (ASX: XJO).
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 Positive Court News
The large coal miner went into a trading halt earlier today in anticipation of the announcement of a court decision.
New Hope was waiting for the Queensland Court of Appeal to deliver its judgement about the appeal against the Supreme Court’s decision to set aside the Queensland Land Court’s recommendation to refuse the applications for mining leases and amended environmental authority for the New Acland Stage 3 project.
As you may have already guessed, the Queensland Court of Appeal dismissed Oakey Coal Action Alliance’s appeal and granted the orders requested by New Acland Coal.
There is now no further barrier to the Queensland Government now giving final approvals for the New Acland Coal Mine Stage 3 Project.
In a statement, New Hope said: “The company now calls on the Queensland Government to immediately grant the required Mining Leases, Associated Water Licence and approval for the continued use of the Jondaryan loadout facility.
“Obtaining final approval as soon as possible is critical to ensuring the continuity of operations and will not only provide certainty for the current workforce but help create approximately 400 new jobs in the region.” The company has said it is making up to 150 workers redundant due to the delays of the decision.
New Hope believes the New Acland Stage 3 Project is expected to generate $7 billion of economic activity over the estimated 15 year life of the project.
The company will be actively working with the relevant Government departments to immediately progress the approvals.
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