New Hope will buy the 74% of Malabar Resources it doesn't already own via a scheme of arrangement. Malabar shareholders other than New Hope will receive 0.5 New Hope shares for each Malabar share they hold, worth AUD 2.92 per Malabar share, using New Hope's closing price of AUD 5.84 on Oct. 16.
New Hope is an Australian thermal coal miner. It has two operating mines: the 100%-owned New Acland coal mine in Queensland and the 80%-owned Bengalla coal mine in New South Wales. The firm should sell about 13 million metric tons of thermal coal a year from fiscal 2029, up from about 11.8 million in fiscal 2026, driven by the construction and ramp-up of New Acland stage three. The vast majority of New Hope’s production is sold into seaborne thermal coal export markets. Reserves at New Acland and Bengalla are sufficient to support multidecade mine lives. New Hope also has significant undeveloped coal resources in Queensland, as well as a 26% holding in the low-cost, long-life Malabar-Maxwell coal mine. In October 2026, it agreed to buy the rest of Maxwell, likely effective in early 2027.