New Hope lifts both its sales and coal production

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Thermal coal miner New Hope has lifted production and sales from its low-cost Queensland mines in the third quarter.

Raw and saleable production increased by 20 and 27 per cent, respectively, over the corresponding rain-impacted three months to April 30 in 2011.

However, the company’s second half earnings result, due in September, might be weighed down by weaker coal prices globally, with the Port of Newcastle prices down $10 a ton since March.

New Hope produced 1.33 million tonnes at its flagship New Acland mine, following 1.26 million tonnes in the second quarter and 1.32 million tonnes in the first quarter.

Sales for the quarter, at 1.61 million tonnes, matched production and were 89 per cent above that achieved for the same period in 2011, when flooding closed the Western Rail Line.

Year to date sales for the nine months of 4.78 million tonnes were 23 per cent above that for the same period in 2011.

The company reported an improved first half net profit of $101.1 million but its shares are down nearly 25 per cent for the year.

New Hope shares were up four cents at $4.26 on Tuesday.