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

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news