The company said its first quarter EBITDA was $448 million, up 14.8 per cent on the previous quarter and 20 per cent up on the same time last year. It also had $827 million in cash and equivalents after spending $350 million on dividends.

The company revealed it had also “refreshed” its relationships in the China market and completed its first sales which would be delivered next quarter. It follows moves by the Australian Government to repair the relationship with China after it introduced trade bans following a diplomatic brawl with the Morrison government.

“The robust demand from China of lower energy product has provided an outlet for a portion of our coal over the season. Imports in key markets are expected to increase in the coming months with continued tight global supply expected to provide support for higher calorific value coal,” the company told the ASX.

“The outlook for the remainder of the calendar year remains positive with market forward (sales) continuing to show a contango.”

A contango is when the futures price is higher than the spot price.

The only sour note for the company was the continued legal action from environmentalists against the Acland expansion project. The legal action in the Land Court came just days after New Hope’s ribbon cutting ceremony for the Acland expansion.

The dispute is around the granting of an associated water licence by the State Government.

New Hope also revealed that 17 million of its shares had been bought back at a cost of $92 million.

Sales from its Bengalla mine were up 47 per cent.