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New Hope warns of job cuts at New Acland coal mine on permitting delays

New Hope Corp. Ltd. warned that it could shut down equipment and lay off up to 300 workers at its New Acland coal mine in Queensland, Australia if the company fails to secure mining leases and a water license for the project's proposed stage-three expansion by the third quarter, The Australian reported March 20.

CEO Shane Stephan said the approvals are crucial while noting that apart from the 300 people directly employed at New Acland, there were another 500 contractors who relied on the mine for part of their revenue.

New Hope recently secured environmental authority approval for New Acland's planned expansion.

The company's net profit in the first half of its fiscal 2019 rose 4% to A$120.2 million from A$115.6 million in the year-ago period as it benefited from a larger interest in the Bengalla coal mine in New South Wales, Australia.