New Hope
An optimistic name for a company when things don’t go well. After a five-month sales process Robert Millner has failed to find a buyer for coalminer New Hope, blaming economics uncertainty and tight credit markets for the outcome. The writing was on the wall earlier this month when the company ominously said during its quarterly results that it wouldn’t guarantee a transaction would take place.
This was a noticeable change in tone, given rather reassuring comments from Millner during the sales process when faced with suggestions it could fall over. It also sets a different tone to the one we’ve been getting used to: that players in China and India will pay almost anything to secure coal assets.
Complicating matters has been the upcoming Queensland election, with the Liberal National Party promising to block an expansion of one of New Hope’s mines.
An optimistic name for a company when things don’t go well. After a five-month sales process Robert Millner has failed to find a buyer for coalminer New Hope, blaming economics uncertainty and tight credit markets for the outcome. The writing was on the wall earlier this month when the company ominously said during its quarterly results that it wouldn’t guarantee a transaction would take place.
This was a noticeable change in tone, given rather reassuring comments from Millner during the sales process when faced with suggestions it could fall over. It also sets a different tone to the one we’ve been getting used to: that players in China and India will pay almost anything to secure coal assets.
Complicating matters has been the upcoming Queensland election, with the Liberal National Party promising to block an expansion of one of New Hope’s mines.
Business Spectator
Editor's Note: I think Campbell Newman better make up his mind quick smart what he is going to do. In this political climate, a promise is no better than a lie.
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