New Hope has made more profit in the past two years than the previous 16 years combined, but the miner is not impressed by the federal government’s workplace reforms.
threatens to drive the wrong outcomes and stymie investment as he delivered the biggest profit in the company’s history.
The company also owns 15 per cent of NSW miner Malabar Resources, which has this year started production at the Maxwell underground mine, which produces both coking coal for steelmaking and thermal coal.New Hope will also spend $200 million boosting output at its flagship Bengalla thermal coal mine in NSW, where volumes of saleable coal are expected to increase from about 9 million tonnes last year to some 11 million tonnes longer term.
“It is a concern, and it potentially drives the wrong outcome. We certainly like to reward employees that are experienced and provide more value to the operation by virtue of their experience.”by warning them the policy would sacrifice more than $1.3 billion of earnings and directly reduce dividends.
Mr Bishop said Bengalla’s ability to ride out the low points in the commodity price cycle made it well suited to permanent staff compared to marginal mines that are idled when coal prices slump.
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