Skip to main content

Solid Energy closes bidding period on assets

Published by
World Coal,


The bidding period for assets of troubled New Zealand coal miner, Solid Energy, has closed with a statement on successful bids expected from late October. The company has been operating under a Deed of Company Arrangement since 2015.

“The first phase has run to schedule and has delivered an encouraging level of interest in the company’s assets,” said Solid Energy Chairman, Andy Croupe.

Croupe also noted that the increase in coal prices but played down the impact on the sales process: “the fact remains that there are a significant number of coal mining assets for sale around the globe, coal prices remain highly volatile and the market fundamentals have not changed,” Croupe said.

Croupe also acknowledged the long period of uncertainty through which staff have operated and said that the company was trying to ensure that as many jobs were retained under new ownership.

In addition to the sale process, the company also announced that its CEO Dan Clifford would be leaving the company from mid-November. Clifford is taking the role of managing director at Stanmore Coal and will be replaced at Solid Energy by current Chief Operating Office Tony King.

Read the article online at: https://www.worldcoal.com/coal/11102016/solid-energy-closes-bidding-period-on-assets/

You might also like

OSIsoft webinar

[WEBINAR] How to succeed in Digital Transformation in Mining and Materials

During this webinar, OSIsoft will explain their successful path to Digital Transformation, including Predictive Maintenance 4.0 from an asset reliability perspective, Health, Safety & Environment improvement opportunities, and Autonomous Operations for process optimisation. Register for free today »

 

Coal trading market to 2023

The global coal trading market faces stiff competition due to the involvement of many players in the market, reveals a report by Transparency Market Research (TMR).

 
 

Embed article link: (copy the HTML code below):