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Solid Energy sells most of its assets

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World Coal,

Bankrupt New Zealand coal mining company, Solid Energy, has signed sales and purchase agreements for the majority of its assets that are projected to “deliver outcomes in excess of forecast expectations,” the company said in a recent press release.

Agreements have been signed with Phoenix Coal, Greenbriar and Birchfield Coal Mines, covering the Rotowaro, Maramarua, New Vale, Ohai, Strongman and Liverpool coal mines.

“The range of bids received were generally of a high caliber and are a pleasing response to our efforts to drive improved operating performance across the business,” said Solid Energy’s Chairman, Andy Croupe.

“The successful bidders were those who offered the highest aggregate value realisation for the group of assets assessed as a whole, underpinned by a high degree of confidence in their capability to complete the transaction.”

Phoenix Coal, a joint venture between Bathurst Resources and Talley’s Group, has agreed to buy the Stockton export coal operations and Solid Energy’s two Waikato mines – Rotowaro and Maramarua – which supply coal to New Zealand’s domestic North Island market.

Greenbriar, which is owned by the Palmer MH Group, a privately-owned resources group based on New Zealand’s South Island, has agreed to buy the New Vale and Ohai coal mines – both in Southland.

Birchfield Coal Mines has agreed to buy the Strongman and Liverpool mines on the West Coast.

Settlement dates of the transactions will vary depending on the required regulatory agreements but are expected to be in 1H17. A number of smaller assets remain subject to sales processes with Solid Energy expected to update stakeholders when these have been concluded.

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