New Hope Corporation (ASX:NHC) has announced a 14.8% increase in its underlying EBITDA in the past quarter, reaching $448.1M.

The company said first coal was produced from the Maxwell Mine's Stage One operation (New Hope 15%), and new sales relationships were established in the Chinese market.

It also said its cash position totaled $827.0M, and 17 million shares have been bought back for $92.5M since the beginning of the on-market share buy-back program.

New Hope Corporation also reported a decrease in the All-Injury Frequency Rate and shared positive outlooks for the remainder of calendar year 2023, with market forwards showing a contango (where the futures price of a commodity is higher than the spot price).