The company’s shares were sitting at a record high $6.29 as forecasters predicted coal prices would remain higher for longer.

New Hope has boomed on thermal coal prices rocketing above $US400 a tonne and the likelihood that they would remain strong over the foreseeable future as Europe enters a winter without Russian gas.

New Hope reported a booming profit of almost $1 billion earlier this week.

China was also facing strong demand for coal with its hydro-electricity supply reduced by severe drought in parts of the country.

The Hunter Valley was also facing flooding which could impact coal supply.

Fitch said the demand for thermal coal remain high for several years as Europe restarts coal-fired power stations to cope with the loss of gas.

Meanwhile, New Hope’s lithium counterpart, Sayona, has fallen 30 per cent in the past two weeks despite prices for lithium soaring and news that it would begin production at its North American Lithium early next year.

Lithium prices have almost tripled in the past year.

Another lithium producer, Allkem, was up 36 per cent in the past six months despite heavy falls today. It received a boost from a Morgans’ report which said it was one of the best pure play lithium companies on the market.

However, Morgans put a hold recommendation on the stock because it had been rising quickly since its profit report and there had been no new announcements.

“It is possible that contract prices for carbonate continue to increase but we think substantial increases are less likely,” Morgans said.

However, Wilsons Advisory told clients this week that it expected the demand for lithium would grow by six to eight times between now and 2030.

“We don’e believe lithium supply can keep up with this level of demand growth. Lead times for lithium mines can take five-plus years, so there is no quick fix.

“If demand can grow at the market’s expected pace, this could lead to large supply deficits.”