According to New Hope, it has nothing to do with the soft thermal coal market after 66 years; New Hope''New Oakleigh'' mine near Ipswich in Queensland has run out of coal and will close in 2013. About 30 workers would be redeployed 'where possible''

The mine would produce just 350,000 tonnes of coal in 2012, New Hope said - a low output compared with the company Acland mine at 4 million to 5 million tonnes per annum. Wilson HTM analyst Mr Andrew Pedler said the mine closure was expected and supply of New Hope blended coal products would be unaffected. Shares in New Hope, which terminated an unsuccessful sale process in early March closed up 5¢, or 1.3% to USD 3.98.

Source - Business Day

(www.coalguru.com)