Record volumes lift Solid Energy performance

By Chris Hutching

Friday 12th October 2001

State-owned coal company Solid Energy will show a solid turnaround in profit thanks to record volumes when its annual report is tabled in Parliament today.

Chief executive Don Elder said the company had good prospects based on international and domestic demand and with new mines being commissioned on the West Coast. "We're near to concluding an agreement with Lyttelton Port Co for our trade through the port. The proposed agreement is in their hands now, they're reviewing it and we're waiting to hear back from them."

Coal exports in the 12 months to June reached a record 1.65 million tonnes, 16% ahead of the previous year, with more than 80% sent to steel manufacturers in Japan, India, South Africa, China and Australia.

Locally, Solid Energy has produced more coal for the Huntly power station as low hydro lakes have compromised power supplies in recent months. In the six months to December, 2000, there was an after-tax surplus of $1.84 million on sales of $112 million.

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