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next to nothing and sold its interest in in in an an exhibition in in expert board-level timing for AUS$2 45 billion in 2008 In 2006 New Hope acquired an interest in in Arrow Energy for $48 million million and in 2010 received $650 million million for the the the same stake Using the the the cash in in the the the bank New Hope reinvested by purchasing Rio Tinto’s 40% stake in in the the Bengalla thermal coal mine for $865 million The timing of this year’s investment in in in Bengalla is signifcant It refects the board- led strategy of investing in in in a a a low-cost asset at at the the the bottom of the the the cycle at at the the the right price Following the the sale of both the the Arrow and Saraji interests paying paying tax and paying paying a a a a a a a a large special dividend to shareholders New Hope still had over $1 billion cash in the bank – other more daring frms might have jumped at at any opportunity with that level of capital available “We have been very patient in in holding onto that capital during the downtown In 2015 we we came to a a point where we we believed the coal price reached unsustainable levels ” New Hope formed that view on market struggles occurring in in in China as as well as as 


































































































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