Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Solid Energy Bailout Must Protect Communities


February 22, 2013
Media Release

Solid Energy Bailout Must Protect Communities

Talk of a Government bailout of Solid Energy is welcome, but must not come at the cost of devastating mining communities, says the union for miners, the EPMU.

EPMU national secretary Ged O’Connell says communities on the West Coast and the Waikato are looking to the Government to provide assurances on their future.

“Solid Energy’s financial problems are serious and it’s right for the Government to be talking about a bailout. This is a strategic asset and it is too important to our economy and to the wellbeing of mining communities to be allowed to fail.

“We believe Solid Energy can be a viable business. Coal prices go up and down, and a responsible management team will prepare for a rainy day. Solid Energy’s current woes are a result of some very poor decisions by management and a culture of excess at the top.

“We also can’t ignore the role of the high New Zealand dollar in making it even harder for Solid Energy to compete internationally.

“The Government was more than happy to take heavy dividends from Solid Energy when the times were good. It needs to recognise that Solid Energy’s mines are more than a cash cow, they’re the economic lifeline for thousands of working families.

“The West Coast and Huntly have taken a hammering over the last couple of years and there’s only so much these communities can be expected to take. If the Government can bail out finance companies to protect investors then it can step in now to protect working Kiwis and their families.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news