Pike River sold to Solid Energy

Not a big surprise, Pike River Coal has been sold to Solid Energy:

Pike River Coal has been sold to state-owned enterprise Solid Energy under a conditional agreement, receivers for the mine said today.

The receivers said they have reached agreement with Solid Energy New Zealand for the sale of the assets of Pike River Coal.

PricewaterhouseCoopers partners John Fisk, David Bridgman and Malcolm Hollis, receivers of the coal company, today announced the agreement with Christchurch-based Solid Energy.

”The agreement is conditional upon due diligence by March 30, together with other conditions, with settlement expected in May or later depending on approvals being obtained,” Fisk said.

”We, as the receivers, are pleased with this agreement as we consider it the best way forward for all parties. As part of the agreement, negotiations will continue with the Crown to establish a trust that will help oversee efforts to enter the main area of the mine and facilitate body recovery – if it is safe and technically feasible.

 


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  • Possible impact on the value of Solid Energy shares when the Government floats it?

  • Greg M

    Should improve it. This is a win / win situation, Solid energy will bring the men home, then have access to at least $ 20 Billion worth of top quality hard coking coal. A second drift will be bored for better and safer access to retrieve the men, and then away they go.

  • dave

    Dave N. This is what we have been waiting….waiting for. I know how sad it is for all involved with the deaths of the 29 miners but this amount of coal now needs to be sent off for the sake of NZ once the families have been given back their lost ones. It has always been a commercial operation of mining coal and all understood that from the start. It is a very risky operation.

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