It came as the Brisbane-based company reported a net profit of $1 billion and a special dividend of 9 cents a share adding to its final dividend of 21 cents.

The company said it had conducted preliminary engineering studies into a pumped hydro project which would be alongside its existing coal mining operations at Acland, near Oakey.

It said it was in discussions with Powerlink and the State Government and was progressing a detailed engineering study as a “gateway to a feasibility study”.

“Initial analysis identifies about 1.3 gigawatts hours energy storage potential combined with on-site, grid-connected solar and wind generation,” the company said.

New Hope had no debt and $730 million in cash with its net assets totalling $2.5 billion.

Chief executive Rob Bishop said the year included strong demand for its coal and the first half of the year included record prices for thermal coal.

He said it was an exceptional performance and the company was able to capitalise on market conditions.

“We believe high quality, low emission Australian thermal coal is critical to supporting the transition to a decarbonised economy. Our customers rely on our coal to produce secure, essential energy which supports their standards of living and economic development opportunities,” he said.

“The company’s long-term strategy is to safely, responsibly and efficiently operate our low-cost, long-life assets throughout the energy transition, with a focus on disciplined capital management, providing valuable returns to our shareholders.”

Its underlying EBITDA was $1.7 billion, an 11 per cent increase on the previous year.

Its bottom line profit of $1.087 billion was a 10 per cent increase.

The company also began mining its Acland stage three expansion this month after a long battle for approvals.