Acland Decision a Blow for New Hope but There Is Still Reason for Optimism
We lower our fair value estimate for no-moat-rated New Hope Corporation by 12% to AUD 1.80 from AUD 2.05 per share. The adverse Queensland Land Court decision on the Stage 3 expansion means it is likely Acland’s reserves will deplete in 2018. The final decision on approval of Acland Stage 3 now rests with the Queensland Minister for Natural Resources and Mines. Some public comments from the Queensland Premier suggest the project may not be approved by the current Labor government, but it’s not c...New Hope operates four reportable segments: Coal mining in Queensland (including mining related exploration, development, production, processing, transportation, port operations and marketing); Coal mining in New South Wales (including mining production, processing, transportation and marketing); Oil and gas (including oil and gas related exploration, development, production and processing); and Treasury and investments (including cash, held to maturity investments and available for sale financial assets).
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