New Hope Exits Q3 With Derisked Volumes Helped by Bengalla Operation, Says Jefferies, Shares Down 3%

MT Newswires Live

May 26

New Hope (ASX:NHC) exited the third quarter with reduced volume risk with sales of 3.2 million tonnes supported by the Bengalla operation running at an annualized production rate of 13.4 million tonnes and low costs of $74 per tonne free on board, according to a Tuesday Jefferies note.

The company on Monday reported group run-of-mine coal production for the three months ended April of 4.3 million tonnes with an average realized sales price of AU$140.70 per tonne for the quarter.

The investment firm noted that the company's earnings before interest, tax, depreciation, and amortization reached AU$132 million, outperforming Jefferies forecasts by 26%.

Jefferies kept a hold rating on New Hope with a price target of AU$5.70.

The company's shares fell 3% in recent Tuesday trade.

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