Queensland coal mining company, New Hope Corporation,  has put itself up for auction and  has received a number of preliminary proposals.

 

The company said it believed the timing was right to determine "whether a proposal for New Hope is available at a price, and on the terms, that are of the best interest to its shareholders".

 

New Hope Chairman Mr Robert Millner said: “The Board believes that New Hope has a unique suite of assets with significant strategic value. New Hope has a very large reserve and resource base, it has a significant development pipeline,  and it is a low cost producer with access to infrastructure.

 

“However, it is the duty of the Board to consider legitimate opportunities for the company which may be in the best interests of all shareholders. A formal process will allow the Board to assess these opportunities in a considered manner, with minimal disruption to New Hope’s day-to-day business activities.”

 

Under the formal process, selected parities will be invited to submit proposals to the board for consideration, which is expected to take several months and may or may not end with board consent.

 

“If a proposal is not put forward which appropriately reflects New Hope’s strategic value and growth prospects, the Board is very confident that New Hope will continue with its strategy to grow as a company and create shareholder value,” Mr Millner said.