New Hope agrees all-scrip deal for Malabar Resources

New Hope Corporation agreed to acquire the roughly 74 percent of Malabar Resources it does not already own in an all-scrip scheme valuing Malabar's equity at about 1.8 billion Australian dollars, and its shares rose 4.6 percent to 6.11 Australian dollars on Monday.

Why it matters: The deal gives New Hope full ownership of the Maxwell mine in the Upper Hunter, next to its Bengalla operation, and a pathway to 19 million tonnes of annual saleable coal production for a combined group with a pro forma market value of about 6.3 billion Australian dollars.

Data as of Monday, October 19, 2026, 03:45 ET. Developing item. The scheme terms, valuations, share issuance, production figures, timetable and conditions are from the Reuters report published by Investing.com on October 19, 2026, read in full; Mining Weekly reported the same all-scrip combination the same day. The 4.39 billion dollar figure in the Mining Weekly headline is not used: the Reuters body figures are in Australian dollars and put the combined pro forma market capitalisation at about 6.3 billion Australian dollars.

Under the binding agreement, Malabar shareholders other than New Hope will receive 0.5 New Hope shares for each share held, implying 2.92 Australian dollars per Malabar share on New Hope’s October 16 closing price, with 227.8 million new shares leaving existing New Hope holders with about 79 percent of the combined group, Reuters reported. Malabar’s Maxwell mine, which began longwall production in April, is targeting up to 5.5 million tonnes of saleable coal a year once expanded. Both boards support the transaction and Malabar’s board unanimously recommended the scheme, subject to an independent expert’s conclusion, with completion expected by March 2027 subject to Malabar shareholder, court and regulatory approvals, including from Japan’s Fair Trade Commission.

New Hope agrees all-scrip deal for Malabar Resources

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