New Hope Corporation has agreed to acquire the shares it does not already own in unlisted Malabar Resources through an all-scrip scheme of arrangement that values Malabar at about A$1.8bn, the companies said on 19 October.
Why New Hope Corporation Limited is buying Malabar Resources Limited
New Hope said the deal brings 100% of the Maxwell mine, which began longwall production in April 2026 and targets up to 5.5Mtpa of saleable output, into its portfolio, with synergies in operations, logistics, financing, marketing and corporate functions. The combined group has a pathway to about 19Mtpa of saleable production.
“This transaction provides a clear pathway to unlock the full value of the Maxwell Mine for both shareholder groups.”
Deal terms and financing
Malabar shareholders other than New Hope will receive 0.500 New Hope shares per Malabar share, equivalent to about 227.8m new shares, implying A$2.92 per share on New Hope's 16 October close of A$5.84. The implied enterprise value is about A$2.4bn. Malabar's board, other than New Hope's nominee, unanimously recommends the scheme, and Malabar nominees Wayne Seabrook and Tony Haggarty will join New Hope's board.
Regulatory approvals and timing
The scheme requires approval by 75% of votes cast and a majority by number of Malabar shareholders, court approval, customary regulatory approvals and Japan Fair Trade Commission approval. Implementation is expected by March 2027.
Market context
New Hope first bought into Malabar in 2022 and has built its holding to about 26%. The Maxwell mine sits near New Hope's Bengalla operation in the Upper Hunter, with rail access to the Port of Newcastle.
