Pike River sold

March 9th, 2012 at 4:00 pm by David Farrar

Stuff reports:

  Coal has been sold to state-owned enterprise 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 . …

”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.

”In the meantime, work on the tunnel reclamation is continuing. We will provide further updates as appropriate,” Fisk added.

I suspect the families of the dead miners will be pleased with this sale, as Solid Energy has publicly committed to doing what it can to recover the bodies. The Government had said it would make recovery of the bodies a condition of transferring the mining licence, so this may be why other parties did not bid for the mine in the end.

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11 Responses to “Pike River sold”

  1. KiwiGreg (3,255 comments) says:

    Yay, the state buying more assets. The Nationalisation government rolls on.

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  2. Nostalgia-NZ (5,206 comments) says:

    Time will tell, probably by the time of the 6 oclock news what the families will say. I suspect they’ll feel they’ve been lied to and shafted.

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  3. dime (9,972 comments) says:

    looking forward to the time when we no longer have to hear from the families. they are a pain in the ass.

    yesterday on radio live i heard a headline “blah blah whos son died at pike river was made redundant today” ffs. we get it. people died. very sad. but for the love of god just shut up

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  4. Pongo (372 comments) says:

    Brilliant news, fantastic stuff. Now let’s knock the top off the hill, bring the boys out and export 7 billion dollars of coal.

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  5. Bevan (3,924 comments) says:

    Yay, the state buying more assets.

    But its good business sense to buy assets that make the country money wouldn’t you think?

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  6. Bevan (3,924 comments) says:

    The Government had said it would make recover of the bodies a condition of transferring the mining licence, so this may be why other parties did not bid for the mine in the end.

    And one hell of a way to drive down the price!

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  7. Barnsley Bill (983 comments) says:

    With the traveling trough pig from te atatu and the baby killer out of the way it should be possible to open cast it now.

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  8. Adolf Fiinkensein (2,903 comments) says:

    So the poor bloody creditors got dudded again.

    How much more would the receivers have made on the sale if the damned fool commitment to recover bodies had NOT been included?

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  9. Sofia (857 comments) says:

    Pongo – Brilliant news, fantastic stuff. Now let’s knock the top off the hill, bring the boys out and export 7 billion dollars of coal.

    The Mixed Ownership Model would apply to four energy companies, with Mighty River Power the first to be floated for sale in the third quarter of this year, as long as market conditions permitted. Solid Energy, Meridian Energy and Genesis would follow.

    Will all share holders in Solid Energy get even dividends and pay for body recovery or just those holding 51%

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  10. gazzmaniac (2,307 comments) says:

    Brilliant news, fantastic stuff. Now let’s knock the top off the hill, bring the boys out and export 7 billion dollars of coal.

    Yes, let’s spend $10-20 billion to export $7billion in coal.

    There was never a business case for an open cut mine at Pike River, conservation land or not. To be honest, there probably wasn’t a case for an underground mine either – they never did get around to making money for the shareholders.
    Now the government has given Solid Energy a big liability just before they sell part of it – pretty cunning if you ask me. I wouldn’t touch the shares with a barge pole.

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  11. Swampy (191 comments) says:

    gazzmaniac (1,158) Says:
    March 10th, 2012 at 2:51 pm

    Right on, the coal did not live up to its specifications. I can’t quite remember the details but there was a band of low grade material in between two layers of coal or something like that and they couldn’t figure out how to get the better quality stuff out without it getting contaminated with the rubbish stuff, and also the forecasts of how much coal was in the mine appeared to be way out as well.

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