Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Pike River Gains Major New Investor

13 June 2006

Pike River Gains Major New Investor

New Zealand Oil & Gas Limited advises that subsidiary Pike River Coal Limited (“Pike River”) has introduced a second cornerstone trade investor and at the same time secured another major sales contract for Pike coal.

The new investor is Gujarat NRE Coke Limited (“Gujarat”) which is India’s largest standalone publicly listed coke-making company. Gujarat has agreed to invest an immediate NZ$20 million for a minority stake in Pike River.

Gujarat has also contracted to purchase 40% of Pike River’s production for the life of mine, at market prices.

“We are delighted that Gujarat is coming on board as a substantial investor and purchaser of Pike coal,” Pike River General Manager, Gordon Ward said.

Gujarat will purchase an equal quantity of Pike River’s two main products, both of which are low ash hard coking coal, differentiated primarily by sulphur content.

The number of Pike River shares acquired by Gujarat for its $20 million investment will be matched to the eventual IPO share price. Gujarat’s investment is subject to regulatory approvals including Overseas Investment Commission consent.


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news