SYDNEY: The Board of New Hope Corporation Limited announced that Mr Reinhold Schmidt has been appointed as Chief Executive Officer of the Company effective from 1 September 2020.

His appointment follows the completion of a comprehensive selection process undertaken with the assistance of an independent executive search firm.

The key terms of Mr Schmidt’s employment agreement are set out in the attached schedule. Mr Schmidt brings with him more than 20 years’ experience in the mining industry. His most recent role was as Chief Executive Officer of Yancoal Australia Ltd, from August 2013 until March this year.

He has also served as the Executive General Manager of the Wandoan Project for Xstrata Coal Pty Ltd from February 2008 to February 2009 and was the Chief Operating Officer of Xstrata Coal Queensland from March 2009 to June 2013. He was also formerly the president of the Colombian coal assets of Glencore International.

Chairman of the Company, Mr Robert Millner said, “We look forward to Reinhold joining the Company. He is an experienced mining executive whose strategic focus and deep understanding of the Australian coal industry will benefit the Company. Reinhold joins a talented management team who will continue to drive performance for the Company’s 80% interest in and management of the Bengalla Mine while navigating through a challenging period of lower coal prices and an ongoing process to obtain approvals for New Acland Stage 3.”

As announced on 12 May 2020, Mr Shane Stephan will retire from the Company as Chief Executive Officer and Managing Director on 31 August 2020. Mr Schmidt will commence on 3 August 2020 to ensure a smooth transition of management of the Company. The Board wishes Shane well in his retirement and thanks him for his eleven year contribution to the Company.