DJ New Hope: Saraji Sale To Fund Queensland Mine, Port Facility

MELBOURNE, Jul 17, 2008 (Dow Jones Commodities News via Comtex) --

New Hope Corp. Ltd. (NHC.AU) Friday said the A$2.45 billion sale of its New Saraji coal project in Australia's Queensland state would help it expand its New Acland mine and further develop its port facility, also in Queensland.

"The transaction will also allow us to consider the development of our other central Queensland projects," New Hope Chairman Robert Millner said in a statement.

"The board will also be considering appropriate capital management options."

BHP Billiton Ltd. (BHP) Thursday said its BHP Billiton Mitsubishi Alliance venture would buy the project to shore up its coal assets with the alliance partnership to help guarantee offtake and spread out project risk.

-By Susan Murdoch, Dow Jones Newswires; 61-3-9671-4393; susan.murdoch@dowjones.com

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07-17-08 1845ET