New Hope Coal
Encyclopedia
New Hope Coal is an Australian coal-mining and energy company. New Hope's operations include New Acland Mine
, Jeebropilly Mine, New Oakleigh Mine
and Queensland Bulk Handling. New Hope Coal is 61.11% owned by Washington H. Soul Pattinson
.
The company was first listed in 1904. New Hope Coal's current chairman is Robert Millner
. The company's CEO is Robert Neale.
region, with New Hope being one of the first companies to successfully obtain trials of Ipswich coal into the Japanese market. New Hope's first export shipment, 17,332 tonnes of Bundamba coal, was aboard MV "Floret" which sailed from the Maynegrain grain terminal at Pinkenba
on 10 September 1980. Increasing export coal business dictated the need for a dedicated coal terminal, so a joint venture between New Hope and TNT Shipping and Development was formed to develop a coal loading facility at the Port of Brisbane
. Queensland Bulk Handling (QBH) was commissioned at Fisherman Islands in 1983.
In 1984, 13 underground and eight open cut mines were in operation in the Ipswich region. Total production from these mines, which employed just over 1,000 people, was 2.9 million tonnes for the year.
Exports continued to increase to the point where, in 1986, New Hope's market mix had about-faced to 90 per cent export and 10 per cent domestic sales. Despite the district's increase in exports through QBH, which reached 1.6 million tonnes, the reduced requirements for the Swanbank Power Station
and cessation of supplies to the Brisbane power stations resulted in a drop in production of close to 12 per cent. Total production from the Ipswich area was 2.8 million tonnes (1.54 from open cut mines and 1.28 from underground operations). Two mines, Westfalen and Box Flat were forced to close due to the termination of their supply agreements with the Swanbank Power Station.
The increase in exports played a major role in restructuring the workforce in the district, with open cut mining being more cost effective to compete on the world market. By the beginning of the 1990s, only 230 underground miners remained employed by the underground mines of MW Haenke No. 2, New Hope Western Leases Nos. 1 and 2 and Oakleigh No. 3. Further decline in the profitability of underground mining meant the closure of the last underground mines in the district by mid 1997, leaving three companies in the Ipswich area operating four open cut pits.
At the end of the last century, the declining export market and Australian dollar
increased pressure on the local mining operations, forcing further restructure. All facets of the operations were investigated to find cost-effective solutions. One of the results of this cost cutting exercise was the cessation of barging coals along the Bremer and Brisbane River
s with the last barge sailing 30 April 1998. It was the end of an era; coal had been barged to various sites on these rivers, the last of which was QBH at Fisherman Islands, since the 1840s.
To service the New Acland Mine, New Hope Coal financed and constructed a 14 km road between Jondaryan and Acland
in 2001.
New Hope Chairman Robert Millner said the sale would assist New Hope in expanding its New Acland mine situated outside Toowoomba, and further development of New Hope's Queensland Bulk Handling port facility in Brisbane. This sale realises substantial value for the New Saraji project. The cash was earmarked to fund growth of the New Acland mine, which has continued to increase production to more than four million tonnes a year with an application to increase production to 10 million tonnes a year. The funds will also underwrite our successful exploration efforts in our extensive exploration tenements.
New Hope Corporation was advised on the deal by Pitt Capital Partners.
New Acland Mine
The New Acland Mine is located adjacent to Acland township, about 10 km north of Oakey on the Darling Downs in Queensland, Australia. It contains more than 500 million tonnes of coal that is removed by the open cut method. The mine is owned and operated by New Hope Coal and part of the...
, Jeebropilly Mine, New Oakleigh Mine
New Oakleigh Mine
The New Oakleigh Mine is the last remaining coal mine in the Moreton Basin. The mine is located north of Rosewood in South East Queensland.Coal is extracted from the open pit by trucks, excavators and front-end loaders....
and Queensland Bulk Handling. New Hope Coal is 61.11% owned by Washington H. Soul Pattinson
Washington H. Soul Pattinson
Washington H. Soul Pattinson and Company Limited is an Australian investment company.-History:In 1872, Caleb Soul and his son Washington opened their first store at 177 Pitt Street, Sydney, trading as Washington H. Soul and Co...
.
The company was first listed in 1904. New Hope Coal's current chairman is Robert Millner
Robert Millner
Robert Dobson Millner is an Australian corporate executive. He is head of many large Australian organisations including chairman of Washington H. Soul Pattinson, New Hope Coal, Brickworks Limited, Choiseul Investments and NBN Television....
. The company's CEO is Robert Neale.
History
The early 1980s saw the commencement of coal exporting from the IpswichIpswich, Queensland
Ipswich is a city in South-East Queensland, Australia. Situated along the Bremer River Valley approximately 40 kilometres away from the state's capital Brisbane. The suburb by the same name forms the city's Central Business District and administrative centre...
region, with New Hope being one of the first companies to successfully obtain trials of Ipswich coal into the Japanese market. New Hope's first export shipment, 17,332 tonnes of Bundamba coal, was aboard MV "Floret" which sailed from the Maynegrain grain terminal at Pinkenba
Pinkenba, Queensland
Pinkenba is the name of a suburb in eastern Brisbane on the northern side of the Brisbane River. Despite being less than 10 kilometres from the Brisbane central business district, it has a largely rural feel to it...
on 10 September 1980. Increasing export coal business dictated the need for a dedicated coal terminal, so a joint venture between New Hope and TNT Shipping and Development was formed to develop a coal loading facility at the Port of Brisbane
Port of Brisbane
Port of Brisbane is the shipping port of Brisbane, on the east coast of Australia. It is located in the lower reaches of the Brisbane River on reclaimed land that was once called Fisherman Islands at the mouth of the river. It currently is the third busiest port in Australia and the nation's...
. Queensland Bulk Handling (QBH) was commissioned at Fisherman Islands in 1983.
In 1984, 13 underground and eight open cut mines were in operation in the Ipswich region. Total production from these mines, which employed just over 1,000 people, was 2.9 million tonnes for the year.
Exports continued to increase to the point where, in 1986, New Hope's market mix had about-faced to 90 per cent export and 10 per cent domestic sales. Despite the district's increase in exports through QBH, which reached 1.6 million tonnes, the reduced requirements for the Swanbank Power Station
Swanbank Power Station, Queensland
Swanbank Power Station is located in Swanbank within South East Queensland, Australia. It is coal, natural gas, and landfill gas powered with a combined generation capacity of 865 MW of electricity....
and cessation of supplies to the Brisbane power stations resulted in a drop in production of close to 12 per cent. Total production from the Ipswich area was 2.8 million tonnes (1.54 from open cut mines and 1.28 from underground operations). Two mines, Westfalen and Box Flat were forced to close due to the termination of their supply agreements with the Swanbank Power Station.
The increase in exports played a major role in restructuring the workforce in the district, with open cut mining being more cost effective to compete on the world market. By the beginning of the 1990s, only 230 underground miners remained employed by the underground mines of MW Haenke No. 2, New Hope Western Leases Nos. 1 and 2 and Oakleigh No. 3. Further decline in the profitability of underground mining meant the closure of the last underground mines in the district by mid 1997, leaving three companies in the Ipswich area operating four open cut pits.
At the end of the last century, the declining export market and Australian dollar
Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
increased pressure on the local mining operations, forcing further restructure. All facets of the operations were investigated to find cost-effective solutions. One of the results of this cost cutting exercise was the cessation of barging coals along the Bremer and Brisbane River
Brisbane River
The Brisbane River is the longest river in south east Queensland, Australia, and flows through the city of Brisbane, before emptying into Moreton Bay. John Oxley was the first European to explore the river who named it after the Governor of New South Wales, Thomas Brisbane in 1823...
s with the last barge sailing 30 April 1998. It was the end of an era; coal had been barged to various sites on these rivers, the last of which was QBH at Fisherman Islands, since the 1840s.
To service the New Acland Mine, New Hope Coal financed and constructed a 14 km road between Jondaryan and Acland
Acland, Queensland
Acland is a small town north of Oakey, on the Darling Downs, west of Queensland's state capital, Brisbane. At the 2006 census, Acland had a population of 53....
in 2001.
New Saraji - sale to BHP
18 July 2008 New Hope Corporation Limited entered into an agreement to sell its New Saraji Coal Project to BHP Billiton Mitsubishi Alliance (BMA) for A$2.45 billion cash. New Hope has identified more than 690 million tonnes of coali at New Saraji (534 million tonnes inferred and 156 million tonnes indicated) which is near the town of Dysart in central Queensland.New Hope Chairman Robert Millner said the sale would assist New Hope in expanding its New Acland mine situated outside Toowoomba, and further development of New Hope's Queensland Bulk Handling port facility in Brisbane. This sale realises substantial value for the New Saraji project. The cash was earmarked to fund growth of the New Acland mine, which has continued to increase production to more than four million tonnes a year with an application to increase production to 10 million tonnes a year. The funds will also underwrite our successful exploration efforts in our extensive exploration tenements.
New Hope Corporation was advised on the deal by Pitt Capital Partners.