The New Hope Corporation Limited (ASX: NHC) share price has jumped 4% after emerging from a trading halt this afternoon.
Why did New Hope enter a trading halt?
The Aussie coal miner suspended its shares this morning ahead of a Queensland Court of Appeal decision.
The Court of Appeal was due to deliver its judgement on the Queensland Land Court’s refusal of New Hope’s applications for mining leases.
Why is the New Hope share price surging higher?
New Hope welcomed the Court’s decision to dismiss Oakey Coal Action Alliance‘s Appeal this afternoon.
The company said no further barrier exists for the Queensland Government to give final approvals for its New Acland Coal Mine Stage 3 Project.
The New Hope share price was up 4% to $2.22 per share at the time of writing following the news.
New Hope also called on the Queensland Government to “immediately grant the required Mining Leases, Associated Water Licence and approval for the continued use of the Jondaryan loadout facility.”
The company is hoping for final approval for the New Acland Stage 3 Project, which it anticipates will generate $7 billion for the economy.
How has the New Hope share price performed in 2019?
The New Hope share price has been hit hard in 2019, alongside many of the Aussie coal miners.
New Hope shares are down 32.5% since the start of January, with slowing Chinese demand and the US–China trade war hurting earnings.
Today’s announcement provides a boost for New Hope shares in an otherwise steady decline in recent months.
The Queensland Court of Appeal’s decision has boosted New Hope’s chances of approval for the New Acland Stage 3 Project.
If the company can get the final approvals from the Queensland Government it could pave the way for an earnings boost in the medium term.
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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.