Pike River mine sold to Solid Energy
Conditional sale announced. Solid Energy is one of four state-owned energy companies slated for partial privatisation.
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Pike River mine has been sold to state-owned Solid Energy, receivers John Fisk and David Bridgman said this afternoon.
Solid Energy is one of four state-owned energy companies slated for partial privatisation. The Crown will sell a 49% stake.
Mr Fisk, a PricewaterhouseCoopers partner, said the sale is conditional upon due diligence by March 30, 2012, "together with other conditions."
Settlement is expected in May.
"We, as the Receivers, are pleased with this agreement as we consider it the best way forward for all parties," Mr Fisk said in a statement.
"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."
Mr Fisk said no further details of the transaction would be made public until after the deal went unconditional.
NBR staff
Fri, 09 Mar 2012
Fri, 09 Mar 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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Pike River mine sold to Solid Energy
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