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Friday, 29 May 20
AUSTRALIA'S NEW HOPE WARNS OF HIT FROM COAL PRICE SLUMP - REUTERS
ReutersAustralia’s New Hope Corp Ltd said on Thursday that a sudden drop in thermal coal prices and lower output from its Queensland operations would hurt its financial performance in the second half of the year.
 
“As a result of reduced electricity demand across most global markets, thermal coal demand and price has declined sharply since the beginning of April 2020,” the coal miner said in a quarterly update.
 
The coronavirus outbreak had affected all markets and coal types, destroying global power demand more rapidly and on a greater scale than seen during the global financial crisis of 2008, it added.
 
High levels of Indian coal stocks, the uncertain pace of Japan’s recovery and low coal imports from Europe were all posing negatives for the thermal coal market, the miner said.
 
However, offering some relief, New Hope said a pick-up in Chinese industrial activity and power consumption, along with firm demand from Vietnam, Taiwan and Korea had supported a recovery in prices in recent weeks.
 
Meanwhile, the company said it was currently searching for a new chief executive, after industry veteran Shane Stephan recently announced his retirement effective on August 31.
 
New Hope also said it had been informed by the Australian high court that special leave applications had been submitted by Wiggins Island Coal Export Terminal (WICET) and liquidators regarding debts owed by its two units, Northern Energy Corporation and Colton Coal.
 
Both units are currently under liquidation. If the applications and the appeal are successful, the company could be exposed to a liability of about A$155 million ($102.55 million), New Hope said, adding that it would continue to deny the claims.
 
A court last year found that New Hope was not required to fulfil its units’ debts, as claimed by Wiggins Island Coal Export Terminal (WICET) and the liquidators .
Source: Reuters (Reporting by Rashmi Ashok in Bengaluru; Editing by Simon Cameron-Moore)


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