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Update regarding the sale of the Pike River coal mine
News release text:
9 March 2012
News Release
Update regarding the sale of the Pike River coal mine
PwC Partners John Fisk, David Bridgman
and Malcolm Hollis, Receivers of Pike River Coal Limited (In
Receivership) today announced they have reached agreement
with Solid Energy New Zealand Limited for the sale of the
assets of Pike River Coal Limited (In Receivership). The
agreement is conditional upon due diligence by 30 March
2012, together with other conditions, with settlement
expected in May or later depending on approvals being
obtained.
Mr Fisk says, “We, as the Receivers, are pleased with this agreement as we consider it the best way forward for all parties. As part of the agreement, negotiations will continue with the Crown to establish a trust that will help oversee efforts to enter the main area of the mine and facilitate body recovery – if it is safe and technically feasible.
“In the meantime, work on the tunnel reclamation is continuing. We will provide further updates as appropriate.
“No further details of the transaction or any related matter can be released until the agreement is unconditional,” concludes Mr Fisk.
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