Iron ore and Coal

New Hope to slash workforce amid stalled New Acland approval

New Hope to slash workforce amid stalled New Acland approval
Mining News Pro - New Hope Group has recommended its corporate workers take voluntary redundancies due to ongoing approval delays for the expansion of the New Acland coal mine in Queensland.

Up to 75 per cent of its corporate office workforce will be made redundant by the end of November 2020 as the company faces a “significant restructure”.

According to New Hope, its management will become more streamlined, with the removal of the majority of executive positions on the horizon.

New Hope chief executive officer Reinhold Schmidt said the uncertainty surrounding New Acland’s stage three approval had caused the restructure.

“With the ongoing uncertainty around approvals for New Acland we have had to refocus and put the business in the best position to go forward,” he said.

“We have had to make some extremely difficult decisions but, in reality, even if we were granted approvals for stage three today, we are in for a tough couple of years as we ramp up again.”

In September, New Hope said that over 500 jobs could be created if the New Acland coal mine wins a stage three approval.

It was forced to make 150 workers redundant in the same month due to the legal disputes that had stalled the approval.

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