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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.

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