Australia's New Hope on hunt for acquisitions beyond coal after bouncing back to profit

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MELBOURNE : Australian coal miner New Hope Corp said on Tuesday it swung to a full-year profit as a strong performance on the back of solid coal prices put it in a good position to pursue acquisitions to boost growth.Coal prices surged in key markets due to a rebound in demand, putting the miner on track

MELBOURNE : Australian coal miner New Hope Corp said on Tuesday it swung to a full-year profit as a strong performance on the back of solid coal prices put it in a good position to pursue acquisitions to boost growth.

New Hope has, however, said that any new M&A opportunities must be at the lower end of the deal cost curve, create value from day one and have long-term operational approvals in place - a key reason it has not emerged as a final bidder for BHP's Mt Arthur coal project, up for sale since mid-2020. The miner has available liquidity of AUS$565 million, made up of cash AUS$425 million and undrawn debt AUS$140 million and forecasts a strong fiscal 2022.

 

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