Tag Archives: Solid Energy

State-owned coal miner Solid Energy is preparing for more redundancies at its Stockton mine, near Westport, as slumping global prices for coking coal threaten its long term viability and force it anew into talks with its banks to restructure its borrowing. Plans under way to stem those losses were in preparation and “reductions will be inevitable on the basis of those …

Solid Energy opposed the government’s pressure to load more debt on its balance sheet in 2009, but the biggest driver of the $389 million debt that has driven the company into crisis were decisions of its own to invest in the open-cast Stockton and underground Spring Creek mines. The financially distressed state coal miner’s former chairman and chief executive, John …

Solid Energy’s former chief executive Dr Don Elder must be allowed to appear before MPs, Labour’s SOEs spokesperson Clayton Cosgrove says. Clayton Cosgrove has today written to Solid Energy’s new chairman Mark Ford  and interim chief executive Garry Diack requesting that the former CEO appear before the Commerce Select Committee as part of the 2011/12 Financial Review Hearing of Solid …

State-owned coal miner Solid Energy’s plans for a multi-billion dollar new industry based on turning low-grade Southland lignite coal into diesel, fertiliser and burnable briquettes has been abandoned as the company struggles with mounting debts and low world coal prices. The new chairman of Solid Energy, Mark Ford, told Radio New Zealand the company could be profitable again with an …

Solid Energy, the state-owned coal miner whose chief executive quit this month, is in talks with its banks because of its deteriorating financial position. The coal miner, which is carrying some $389 million of debt, is heading for a “significant” first half loss, chairman Mark Ford said in a statement. “We are in discussions with our banks and Treasury on …

A quiet clean-out of the Solid Energy board has begun, with two resignations by directors filed with the Companies Office this week and the appointment of an experienced Australian mining expert, Neville Sneddon, to the board. Deputy chairman John Fletcher, who has served on the Solid Energy board since May 2007, has resigned with six months still to run on …