Soaring prices fuel New Hope

INVESTORS have poured into New Hope Group, adding another $1 billion to its value and shrugging off concerns over its legal issues and the perceptions of coal.

The company’s market capitalisation has jumped to almost $2.7 billion as thermal and coking coal prices soared on the back of demand from China and India.

The surge in the share price to $3.21 yesterday from lows of $2 in March have also pushed the value of shares held by managing director Shane Stephan to more than $1 million.