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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news