Insight
Malabar merger increases New Hope’s high-energy thermal coal market share
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
New Hope and Malabar have announced an all-scrip scheme of arrangement valuing Malabar's equity at A$1.8 billion (US$1.3 billion). The merger consolidates Maxwell, Bengalla, and New Acland under a single corporate structure, lifting New Hope's attributable marketable coal production from 12.6 Mt in 2026 to 19 Mt by 2030. We estimate the deal-implied FOB Newcastle benchmark price at US$115/t, based on a 10% discount rate. Completion is targeted for Q1 2027, subject to court and regulatory approvals.
Table of contents
- Event
- Merger lifts New Hope to sixth-largest Australian coal producer
- Deal structure and ownership
- Rational and synergies
- Maxwell’s progress to date
Tables and charts
This report includes the following images and tables:
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New Hope's pro-forma, coal production on an attributable basis (by mine)Pro-forma by coal type*Top 15 Australian coal producers by 2030*
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Deal-implied long-term coal prices versus Newcastle export thermal coal spot priceKey factsEconomic assumptions
What's included
This report contains:
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