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

 


Solid Energy full ownership of Spring Creek Underground Mine

2 February 2012

Solid Energy resumes full ownership of Spring Creek Underground Mine

Solid Energy has bought back Cargill’s 49% share of Spring Creek Mining Company, the owner of Spring Creek Underground Mine near Greymouth.

Cargill joined as the minority joint venture partner in March 2007 and supported a development programme at the mine which has provided four years of coal production. Solid Energy has been involved in Spring Creek since its initial development in 2002 and continues as the mine operator, employing its 230 mineworkers, tradespeople and professional specialists.

Solid Energy Chief Operating Officer, Barry Bragg, says Solid Energy appreciated Cargill’s contribution to the mine and input as a partner in the both the joint venture and in developing markets for its semi-soft coking coal.

“Spring Creek was Cargill’s first investment in physical coal mining and we have always appreciated that and taken it as a mark of confidence that they decided to investigate this side of the business with Solid Energy,” he says. “In terms of coal, Cargill is a trader, shipper and marketer, so at the end of the day we understand that physical mining is not really part of their business and that they have now decided to exit this end of it.”

Mr Bragg says the mine is once again moving to a strong development focus, with several months of limited coal output as new roadways are constructed and underground infrastructure installed to provide access to approximately 3 million tonnes of coal in the Rapahoe sector to the north of the area already mined. Spring Creek’s high-energy low-sulphur coal is supplied to West Coast and upper South Island industrial customers and is exported through Lyttelton Port of Christchurch for use in steelmaking.

Bruce Blakeman, Cargill Vice President, Corporate Affairs Asia-Pacific, says: “We have developed a strong relationship with Solid Energy in recent years and remain committed to this in the future. Cargill is a major originator, shipper, trader and marketer of coal. As such, we will focus on maintaining a strong commercial relationship with Solid Energy, who will continue to apply their significant mining expertise with regard to Spring Creek.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news