By Rhiannon Hoyle
New Hope reported a sharp rise in third-quarter coal production versus the preceding quarter and said underlying earnings increased by 15%.
The miner said run-of-mine output increased by 27% quarter-on-quarter, to 2.6 million metric tons, and saleable coal production rose by 32%, to 2.0 million tons.
New Hope cited a lower strip ratio of 3.8, compared to 5.5 in the quarter prior.
The company said third-quarter underlying earnings before interest, tax, depreciation and amortization totaled 448.1 million Australian dollars (US$298.2 million), 15% higher than the three months earlier but weighed by a softening in coal prices.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
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