The new chief executive of New Hope Coal says further investment in thermal coal production is likely as a commodity price boom gives him close to $1 billion of spending power at the start of his tenure.
since Russia invaded Ukraine, suggesting New Hope will make even more money in the six months to July 31.
“We are keen to expand in coal, whether that be thermal or metallurgical, but we are open to other opportunities in the renewables space or other bulk commodities, it has just got to have good shareholder returns,” he said. That expansion would deliver New Hope an extra 5 million tonnes of thermal coal production per year, but the legal challenges from local farmers and state government approvals have delayed the start of the project.
New Hope shareholders will receive a total of 30¢ per share of fully franked interim and special dividends on the back of Tuesday’s bumper half-year profit - a total return to shareholders of $249.7 million.Shares in New Hope surged by more than 8 per cent in morning trade on Tuesday as investors responded to the improved shareholder returns.