New Hope's (ASX:NHC) subsidiary, New Acland Coal, and Oakey Coal Action Alliance (OCAA) mutually agreed for OCAA to discontinue its appeal with the Land Court of Queensland related to an associated water license grant for the New Acland stage 3 mine, according to a Tuesday filing with the Australian bourse.
The agreement is still subject to approval by the state government's Department of Local Government, Water, and Volunteers before being submitted to the court, the filing said.
According to the filing, the mining firm will finally be able to advance the mine's planning and development upon securing court approval.
Company shares rose nearly 3% in recent Tuesday trade.
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