Solid Energy secures financial restructuring package from Crown and lenders

Solid Energy has secured a financial restructuring package with the Crown and the company’s commercial lenders, having received majority support from its bank creditors and note holders at meetings held earlier today in Christchurch. Solid Energy Chairman, Mark Ford, says that the company now has a reasonable chance to trade its way back to a… Read more »

Pike River tunnel re-entry project begins with New Zealand Defence Force assistance

The project to re-enter and explore the main tunnel of the former Pike River Mine has begun, with personnel and an NH90 helicopter from the New Zealand Defence Force on site lifting material from around the top of the mine ventilation shaft. In early September the Government approved conditional funding of a staged plan to… Read more »

Southland Briquette Plant update – 15 October 2013

GTL Energy and Solid Energy are proposing to temporarily shut down the briquette plant at Mataura while discussions continue about the plant’s future. As a result, Solid Energy has today spoken to the plant’s staff, outlining a proposal which, if implemented as outlined, would see the number of permanent roles reduce from four to one…. Read more »

Errata Notice: Annual Report & Accounts 2013 (PDF, 27 KB)
Solid Energy Annual Report 2013 (PDF, 1.7 MB)
Solid Energy Results for Year Ended 30 June 2013

Summary Overview Coal sales of 4.1 million tonnes (Mt), down 11% (2012: 4.6 Mt), in weak commodity markets. Revenue of $631.1 million down 35% as average USD prices received fell 34% for the year. Net loss after tax of $335.4 million, compared with a loss of $40.2 million in the previous year. Underlying earnings of… Read more »

Solid Energy funders to consider financial restructuring proposal

Solid Energy’s Board has agreed in principle to a financial restructuring proposal involving the company’s banking partners. At 30 June 2013, the state-owned enterprise’s net bank debt and bonds were $381 million comprising drawn bank facilities net of cash of $286 million and Medium-term Notes issues of $95 million. The proposal, facilitated by the Treasury,… Read more »

Staged re-entry into Pike River tunnel to begin

Re-entry and exploration of the main tunnel of the former Pike River Mine will be subject to on-going assessment of the safety and technical feasibility as each stage of the process is undertaken, says Solid Energy Chairman, Mark Ford. The Government announced today that it had approved conditional funding of a staged plan to re-enter… Read more »

Solid Energy keeps Huntly East Mine open but proposes further reduction in Waikato jobs

Solid Energy has today told its Waikato staff that Huntly East Underground Mine will stay open but it is proposing to reduce management, support services and workforce roles by 107, from 193 to 86, as part of the company’s on-going response to the depressed global coal market. If the proposal is implemented, 93 people would… Read more »

Management and support services job cuts proposed at Stockton Operations

Solid Energy is proposing cuts in management and support services jobs at its Stockton mining operations as part of its on-going response to depressed global coal prices The company has today outlined a change proposal to management and support services employees at Stockton Mine which would see these roles reduce by 45, from 186 roles… Read more »