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

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news