Friday 10th August 2012 |
Text too small? |
New Zealand Oil & Gas will receive a $5 million payment from the receivers of Pike Rive Coal after it was sold to Solid Energy in May.
A further payment of up to $2.5 million is expected before the end of the year.
Solid Energy will also pay a further $25 million by installments if and when extraction from the mine permit area reaches over 250,000 tonnes over a 12-month period or total extraction over any period reaches 1.25 million tonnes, whichever occurs first. Once the trigger date is reached, the state-owned mine company will pay $2.5 million annually until the amount has been paid in full.
Christchurch-based Solid Energy has entered into an agreement with the government outlining the role each will play in recovering the bodies of the 29 miners, which still remain trapped in the mine, following a series of explosions in 2010. The explosions forced the closure of the operation, leading to a Royal Commission of Inquiry and NZX-listed Pike River Coal was pushed into receivership.
BusinessDesk.co.nz
No comments yet
Meridian Energy monthly operating report for June 2025
July 16th Morning Report
AIA - June 2025 Monthly traffic update
CHI - Q2 2025 Operational Update
July 15th Morning Report
BPG - Blackpearl Acquires US AI Platform to Accelerate Growth
TGG - Response to media speculation
ARB - Annual Meeting Date and Director Nominations
CNU - Q4 FY25 Connections Update
MOVE FY25 Results and Investor Briefing 29 August 2025