Trade deals in peril with Trump
The President Elect Donald Trump bodes well for farms and coal mines, but trade deals will be left in peril.
The President Elect Donald Trump bodes well for farms and coal mines, but trade deals will be left in peril.
Phoenix Coal has agreed to pay $46 million cash for Solid Energy's Stockton, Rotowaro and Maramarua mines.
Solid Energy says it remains in discussions over the future of the Spring Creek underground coalmine at Dunollie, and the small Reddale open-cast mine near Reefton.
Solid Energy yesterday said the firm was "still in multiple discussions/negotiations and it would be inappropriate to make any further comment".
Our biggest electricity retailer says lower power, gas and oil prices, along with competition, has hit its annual earnings.
Genesis Energy has negotiated a high price from other generators who want to keep them as back-up.
The extent of Solid Energy's cutbacks is revealed in the company's evidence to Parliament's commerce select committee.
Sixty-five staff to axed as operator admits there is no chance whatsover of finding a buyer for Waikato mine that's cost about $500,000 a month to keep open.
However, it had a much better 12 months to June 30 than a year earlier, improving EBITA 17 per cent to $91 million.
Solid Energy creditors yesterday voted to retain the company's existing administrators and not to set up a creditors' committee.
Two major factors - falling international coal prices and a $320 million mountain of debt - proved the undoing of state-owned coal company Solid Energy.
Solid Energy acting chairman Andy Coupe admitted it was "unlikely" that any sale, or sales, would cover its outstanding debt.
I say good riddance to this filthy and dangerous industry, writes Sam Judd. Although I do feel for the workers who will lose out on this situation.
Genesis Energy announced its last two coal-burning electricity generators at Huntly Power Station will be shut down.
Mr Key said Solid Energy had $300 million of outstanding debt and was in a "precarious position".
A decade-long project to save endangered giant snails from a West Coast coal mine will finish next year.
For nearly a year, it turns out, the Pike River mine could have been made safe to enter.
Indian PM Narendra Modi is pledging $25 billion to unclog India's transportation links, spur power output and build cities.
A train driver was unaware that a car had crashed into the side of his coal train near Greymouth.
Odd couple barely does them justice. One is the planet's most celebrated climate warrior, the other a mining baron who plans to export enough coal to turn Asian skies black.
Stockton mineworkers got the bad news they were expecting today, that more than 180 jobs will go - over a quarter of the workforce - and mine production will fall by 25 per cent.
Australian state governments spent A$17.6 billion on subsidies for mineral and fossil fuel industries over six years, including A$8 billion to help transport coal.
Coal dominated world energy markets last year by supplying the biggest share of demand since 1970, making it the fastest growing fossil fuel, according to an annual review by BP.
Almost 140 jobs are to be axed at Solid Energy's Stockton mine, the company announced today.
Bathurst Resources, which has cut jobs and delayed the start to its Denniston mine, may raise up to $6.87m in a discounted share placement.