BHP Billiton affiliate, BMA, this month paid 2.45 billion Australia dollars (2.09 billion dollars) for a coal prospect with a book value of just8.1 million Australia dollars, delivering a massive profit to the seller, quoted Australian coal developer, New Hope Corp. The huge scale of the BMA premium - equal to almost 70 percent of the total current share market value of New Hope - was revealed in the latter company's July year report which showed a net profit of 90.7 million Australia dollars, up 30.8 percent on 69.3 million Australia dollars previously.
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