Business
New Hope in the black despite coal collapse – The Australian Financial Review
The miner’s new chief executive says the company is making money despite depressed prices for thermal coal.
Wood Mackenzie’s Asia Pacific head of coal, Rory Simington, estimated last week that 52 per cent of Australian thermal coal mines lost money at prices around $US51 per tonne.
Mr Schmidt and New Hope’s chief financial officer Rob Bishop said the company’s Bengalla and Acland mines were collectively making money at current prices.
New Hope has deferred non-essential spending, cancelled its final dividend, deferred some government payments, asked its white-collar staff to work nine rather than 10…
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