Sharechat Logo

Pike River tunnel delayed a month

Monday 18th August 2008

Text too small?
Pike River tunnel progress delayed by one month

Pike River Coal, the mining company digging a tunnel to intercept the Brunner seam on the West Coast, said the project has been delayed a month because of rock conditions.

The shares fell 1.6% to NZ$1.80, trimming their surge this year to about 65%, a stand-out on the NZX. Tunneling slowed to as little as 1 to 2 metres a day since clearing the Hawera fault on August 4, less than the expected rate of 5 metres a day, according to Peter Whittall, Pike's mines general manager.

The tunnel, which will be about 2.3 kilometres on completion, has 153 metres to go, he said. Pike River plans to extract at least 17.6 million tonnes over the next 18 years.

In June, the coal miner said it had settled the sales price of its premium hard coking coal with two Japanese steel mills and its Indian shareholders at a record US$300 per tonne for deliveries in the year ended 31 March, 2009.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Daily ShareChat: Pike River Coal
Pike River cuts production forecast, shares tumble near month-low
Pike River gains $25m short-term facility from NZOG
Pike River seeks short-term funding
Pike River announces new CEO
Pike River CEO steps down, shares fall
Pike River loss widens ahead of mining
Daily ShareChat: Pike River Coal
MARKET CLOSE: NZ stocks rise; Pike River leads gains
Pike River gets first $10 million away no trouble