Maxwell Underground is set to have a new owner. Australian mining company New Hope has announced it will acquire Malabar Resources, which developed and owns the mine.
New Hope and Malabar have entered into a binding Scheme Implementation Deed, under which New Hope will buy the 74 per cent of Malabar shares it does not already own through a scheme arrangement. The deal would bring the two businesses together as a combined group. New Hope owns and operates the Bengalla open-cut mine near Muswellbrook and has been increasing its shareholding in Malabar for a number of years.
When fully developed, Maxwell Underground is expected to support 430 full-time workers and produce up to 5.5 million tonnes a year of saleable coal once the longwall is expanded. The mine sits on land that once formed part of Anglo American’s Drayton open-cut, next to BHP’s Mount Arthur mine. In November 2025 Malabar bought 3,700 hectares from Mount Arthur, allowing it to plan a Maxwell North underground mine.
The mine opened in July this year.
