
Stockton Plateau rehabilitation slammed
Forest and Bird says efforts to rehabilitate the Stockton Plateau after open-cast coalmining has missed the point, with bright green grass sown rather than restoring the natural tussock landscape.
Forest and Bird says efforts to rehabilitate the Stockton Plateau after open-cast coalmining has missed the point, with bright green grass sown rather than restoring the natural tussock landscape.
Bathurst Resources has cleared another hurdle in its struggle to start coal mining on the Denniston Plateau near Westport but still needs the blessing of courts and faces tough market conditions.
If Meridian Energy had already floated, it's a fair bet that its share price would have dropped after the Opposition unveiled its electricity policy a week ago.
Former Solid Energy chief executive Don Elder will pocket more than $250,000 from the indebted state-owned miner while he remains on its payroll for another four months.
Prime Minister John Key this morning released documents detailing Solid Energy's ambitious expansion plans.
Mr Palmer and former Solid Energy chief executive Don Elder made their highly anticipated appearance before Parliament's commerce committee this afternoon to answer questions about what led to the company's near collapse under $389 million in debt. Dr Elder told the packed committee room that the company's recent problems were down to a "perfect storm" of unprecedented coal price falls last year and the strong Kiwi dollar. He said it wasn't just New Zealand coal companies that were feeling the brunt of a drop in the price of coal, but US companies were also in serious trouble. He said the situation with Solid Energy needed to be looked at within an international context. Dr Elder offered an apology to workers on the West Coast who lost their jobs.
Former Solid Energy chairman John Palmer has told MPs he opposed the Government's 2009 direction that the state owned coal miner take on more debt.
Former Solid Energy boss Don Elder has confirmed he will go to Parliament to answer questions about the company's problems.
Prime Minister John Key has denied that the Solid Energy crisis and Telecom job cuts are a black mark against the Government's handling of the economy.
Solid Energy is in crisis, with a Government bailout almost inevitable, mine closures possible and further job cuts likely in another restructure to try to salvage it.
Twice in the past decade, Solid Energy has enjoyed revenue close to $1 billion, and aside from last year has returned some healthy profits - and dividends for the Government.
Solid Energy, the state-owned coal miner whose chief executive quit this month, is in talks with its banks because of its deteriorating financial position.
Having a middleman able to absorb the criticism and stay immune to the moral and emotional elements of the Pike tragedy makes sense politically, writes Gerard Morris.
Solid Energy chief executive Don Elder received $1.1 million for the year to June 30 - the same year Solid Energy lost $40m and axed a quarter of its staff.