State-owned coal miner Solid Energy has agreed to buy the Pike River Coal mine for $7.5m, but could pay a further $25m if the mine is commercially reopened.

Energy company $22.2 million impairment against remaining Pike River debt, but manages to return to profit.

Pike River Coal and its receivers have sought relief of up to two years from attempts by two landowners it leased property off from cancelling their leases and signing new ones with Solid Energy.

Receivers of Pike River Coal, where 29 miners were killed in a gas explosion  in November, said all potential buyers had given assurances in indicative bids that body recovery would not be impeded by any sale.