NEW HOPE CORPORATION THAT OWNS THE COLTON COAL MINE PROJECT IN THE FRASER COAST IS UP FOR SALE

THE COLTON MINE PROJECT IN ALDERSHOT  FRASER COAST IS UP FOR SALE

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BILLIONAIRE Robert Millner’s coalminer, New Hope Corporation, up for sale with hopes of more than $5 billion, said while several third parties had been undertaking ”detailed due diligence” to acquire the company, there was yet no certainty of a deal.

Already this month media reports have highlighted a thinning number of buyers for New Hope, which is 60 per cent owned by listed conglomerate Washington H. Soul Pattinson, controlled by Mr Millner who is non-executive chairman of both companies.

Prospective Korean and Indian buyers have reportedly withdrawn, while China’s Yanzhou Coal is pursuing a $700 million merger with Gloucester Coal. Analysts are sceptical a deal will result.

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New Hope gave its first earnings guidance for 2011-12 yesterday, indicating net profit for the six months to January 31 would be in the range of $96 million to 101 million, down about 75 per cent from the $407 million in the previous corresponding period, when New Hope sold Arrow Energy for $326 million.

After stripping out non-recurring items, the forecast first-half profit this year will be about 18-25 per cent higher than in 2011, driven by a stronger operational result with production volumes up 31 per cent to 3.2 million tonnes.

Meanwhile, Gloucester Coal said yesterday merger discussions with Yanzhou Coal were progressing to schedule and it would update the market next week. Gloucester blamed a weak export market for its reported interim net loss of $37 million, down from a $23 million a year ago, despite big rises in production and sales volumes. Gloucester said the market would remain weak for the rest of the financial year, particularly in metallurgical coal. It forecast EBITDA (excluding merger transaction costs) for the full year of between $45 million and $55 million in 2011-12.

New Hope shares were unchanged at $5.72 while Gloucester fell 1¢ to $8.14.
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Sourced & published by Henry Sapiecha

COLTON MINE OWNED BY NEW HOPE COLLIERIES HAS CONFIDENCE OF COAL MINE GOING AHEAD


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New Hope collieries hopeful that colton mine in Aldershot will go ahead

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NEW Hope Coal wound up its public relations offensive on the Fraser Coast recently with a series of meetings and a consultation with Wide Bay Federal Member Warren Truss to discuss issues surrounding the development of Colton coal mine.

New Hope Coal chief financial officer Shane Stephan remained upbeat about the prospect of getting the State Government to give the mine the go-ahead.

The Department of Resource and Environment is examining New Hope’s environmental management plan.

If satisfied with this report, DERM could be expected to usher the proposal through to the next phase of the approval process, as early as February next year.


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Even with the prospect of a federal mineral resource rent tax in the offing, Mr Stephan said the Colton mine, 8km from Maryborough, would still go ahead.

“We will be subject to the (tax) but it will not materially change our view of the Colton mine,” Mr Stephan said.

“It has coloured our overall view, but of this project – no.”

Mining giant New Hope remains confident that the first hard coking coal from the mine will be loaded onto railway wagons before the end of 2013.

Local environmentalists said that the mine would have a major impact on the health of local waterways.

It was revealed yesterday that the Colton mine operation will generate about 985M/l of annual discharge into the Mary River.

The quality of this discharge and the mine’s plans to control it, form a key part of the environmental management plan.

” . . . modelling showed discharge contains elements of concern before mixing with the Mary (River),” the environmental report states, in part.

New Hope paid $200 million to buy out owners of the Colton mine lease, Northern Energy.

Mr Stephan said that while DERM continued its deliberations, New Hope urged anybody who wished to know more about the project to phone 1800 266 296 for further details.

Sourced from the Chronicle & published by Henry Sapiecha
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TORBANLEA FRASER COAST INTERSECTION NIGHT WORK BY SUNSTATE GROUP QUEENSLAND

SUNSTATE GROUP WORKERS WORK THROUGH THE NIGHT LED BY ‘DYNAMO DAN’


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Written, photographed & published by Henry Sapiecha