New Hope Corporation Ltd (ASX:NHC) says its coal mines in Queensland have returned to operation, though the state's floods have inflicted significant damage to a major rail link.
Last week the coal producer suspended all operations at its coal mines in Queensland because of the severe weather conditions.
New Hope has now reported that its water and flood management systems minimised the impact of the rains, and its mines at West Moreton and Acland have not suffered flooding damage.
Repair work on the Western Rail System infrastructure, linking the New Acland mine to the Port of Brisbane, is expected to take between six to eight weeks before railing from the mine can resume.
In the interim, New Hope advises that it is developing alternative transport plans and says its multiple mining operations and rail loading facilities will enable it to have some flexibility in the next weeks to ensure sales tonnages are maximised.
In the year to 31 July 2010, New Hope Corporation posted a net profit of $183.83 million.
NHC Price at posting:
$4.95 Sentiment: None Disclosure: Held
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