Fonterra's new coal mine plans

Dairy giant Fonterra wants to open a new coal mine in Waikato to fuel its processing plants.

In an emailed statement, Fonterra's national consents manager David Wright says its mining company, Glencoal Energy, intends to lodge resource consents to build a mine near Mangatangi, about 50 minutes south of Auckland, off State Highway 2 towards Paeroa.

Without giving details, Mr Wright says the mine's footprint will be "very small" and will have a life of less than 10 years.

The land is owned by Fonterra and the mine will be open cast, he says, extracting 120,000 tonnes a year at its peak.

Consents could be lodged in a few months, after community consultation, with the intention of starting mining by the end of 2014.

Fonterra’s Waitoa, Hautapu, and Te Awamutu milk processing factories get their coal from the Kopako 3 mine, at nearby Maramarua, which is nearing the end of its life.

Last week, Solid Energy announced sweeping cuts to operations and staff, blamed on falling international coal prices.

This article is tagged with the following keywords. Find out more about My Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7854 -0.0022 -0.28%
AUD 0.9219 -0.0010 -0.11%
EUR 0.6303 0.0005 0.08%
GBP 0.4995 0.0007 0.14%
HKD 6.0898 -0.0158 -0.26%
JPY 92.6170 -0.0300 -0.03%

Commods

Commodity Price Change Time
Gold Index 1196.6 -2.970 2014-11-26T00:
Oil Brent 79.4 -0.640 2014-11-26T00:
Oil Nymex 73.7 -0.340 2014-11-26T00:
Silver Index 16.6 0.000 2014-11-26T00:

Indices

Symbol Open High Last %
NZX 50 5455.4 5474.7 5455.4 0.33%
NASDAQ 4760.2 4788.0 4758.3 0.61%
DAX 9934.8 9992.7 9915.6 0.60%
DJI 17812.2 17833.8 17814.9 0.07%
FTSE 6729.2 6749.9 6729.2 -0.09%
HKSE 24169.8 24228.1 24112.0 -0.45%
NI225 17310.5 17346.8 17383.6 -0.78%