One of the best performers on the S&P/ASX 200 index on Wednesday has been the New Hope Corporation Limited (ASX: NHC) share price.
In early afternoon trade the coal miner's shares have stormed almost 7% higher to $2.50.
Why is the New Hope share price storming higher today?
Investors have been buying New Hope's shares today following the release of an update on its recent court battle after the market close on Tuesday.
According to the release, the Queensland Court of Appeal ruled against coal activist group Oakey Coal Action Alliance and in favour of its New Acland Coal business.
The appeal had been made by Oakey Coal Action Alliance challenging a Supreme Court decision which put aside a land court ruling that had previously refused mining lease applications for the New Acland Stage 3 project.
The coal activist group made the appeal over concerns over groundwater, noise and social and environmental impact.
Management said: "The Company is pleased with the outcome and will wait for the Court to make its final orders before assessing the next steps for the New Acland Stage 3 project. New Hope remains committed to delivering the New Acland Stage 3 project in a timely manner to ensure continuity of operations and ongoing employment in the region."
Whilst this isn't necessarily the end of the story, it is a positive development given how Stage 2 production is running out fast. In light of this, I can't say I'm surprised to see its shares charge higher.
The next step for the company will be to gain the remaining approvals required as soon as possible so Stage 3 can push ahead with limited disruption.
Also on the rise on Wednesday in the resources sector have been the shares of Fortescue Metals Group Limited (ASX: FMG) and Whitehaven Coal Ltd (ASX: WHC). They are up 2% and 5%, respectively, this afternoon.
