Solid Energy buys Pike River coal stockpile

Pike River has today sold 20,000 tonnes of coal for just over NZ$5 million to Solid Energy.

Pike River Coal chairman John Dow said the stockpile of hard coking coal wasn't large enough to meet orders for the mine's main customers.

The terms of sale will see Pike receive full market value for the coal once on-sold by Solid Energy.

Dow said the company would make further announcements as the state of its underground assets became known.

Shares in the company remain in a trading halt, after explosions at its West Coast mine killed 29 workers.

Pike River said it did not want trading in its shares resumed until it got an indication of what it could cost to rebuild the business.

- NZ HERALD ONLINE