New Hope Corporation acquires 15% interest in Malabar

New Hope Corporation Limited (ASX: NHC) via its wholly owned subsidiary acquired a 15% interest in Malabar Resources Limited (Malabar) for a total investment of AU$94.4 million. Malabar is an unlisted company whose flagship asset Maxwell Mine is an underground metallurgical coal project located 10kms south-west of Muswellbrook in the Hunter Valley.

NHC’s investment in Malabar aligns with its strategy to invest its excess cash into coal assets that are low on the cost curve with long life approvals. It further diversifies the NHC’s asset base by providing exposure to metallurgical coal mined by low impact, underground approaches. Additionally, it provides attractive investment returns over the life of the project with further upside return prospects from diversified enterprises comprising exploration as well as agricultural assets along with the future development of an approved 25MW solar farm.

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