PRC Pike River Coal

[yabster]

First off super-city is local politics that i don't care about, secondly you contridicted your self as usual - re cutting out the bureaucrats -thats exactly what they are looking at i.e wastage in the Health system due to Labour employing more and more "public servants".
What did Labour do around welfare reform? sweet FA.

Thats my last post on that as after all this is a PRC forum.

[Balance]

First off super-city is local politics that i don't care about, secondly you contridicted your self as usual - re cutting out the bureaucrats -thats exactly what they are looking at i.e wastage in the Health system due to Labour employing more and more "public servants".
What did Labour do around welfare reform? sweet FA.

Thats my last post on that as after all this is a PRC forum.

Super-city is National Party policy forced on Auckland. As usual, all care and no follow up and no responsibility once the deed is done.

Labor makes no pretense that it is all about social welfarism. National makes a big song and dance but does nothing save target the most vulnerable in society.

PRC can make a huge difference to NZ's balance of payment and economic growth - don't expect Key to rise to the occasion though. Easier just to tinkle around the edges and play silly bugger.

http://www.youtube.com/watch?v=6-Q_0x_4o4k

[iceman]

MP, I share your (fading) hope that current shareholders will finance or at least be part of any re-start package. Find it hard to believe that NZO and the Indians will walk away from their large investment and resource without at least getting their money back. After all the PRC debt is not a huge amount.

They could buy the mine on the cheap from the Receiver before government opencast approval.
Then after the purchase of Pike, obtain government approval for opencast ( Brilliant - Pike is now worth five times the purchase price ).

Solid Energy could then take a trip down to the Blackball Hilton, after a good meal they could
visit the Roa mine and opencast operation in the Paparoa range, a mirror image of Pike-proposed
opencast operation. SE could learn a lot from Roa, they have no need to boast on how good they
are, left alone they simply get on with the job.
Pike employ a man who ran a opencast operation at one time producing annually more coal
than all the coal producers in NZ put together. Ok, it was easier then, a more sympathetic approach to mining from government.

Still clinging to the possibility of present shareholders financing opencast through a rights issue,
the odds are not good.

Monkey Poms

[Arbitrage]

How/why could anyone realistically outbid Solid Energy? They have the home ground advantage here. Cynics will think that this is spin that there are other competitive bids and the deal offered by SE will be best possible outcome. If I owned a mining company I doubt if I would want to bid against a company that has the PM's backing.

[Balance]

How/why could anyone realistically outbid Solid Energy? They have the home ground advantage here. Cynics will think that this is spin that there are other competitive bids and the deal offered by SE will be best possible outcome. If I owned a mining company I doubt if I would want to bid against a company that has the PM's backing.

This PM? http://www.youtube.com/watch?v=6-Q_0x_4o4k

The one of a country borrowing $250m a week now to stay afloat?

Good one.

I can just imagine the BHPs of this world quaking in their billion dollar mines at the PM's backing. More likely falling off their chairs laughing their heads in the board room wondering what kind of PM NZ has got!

[J R Ewing]

If SE do have the unique expertise claimed then the mine is worth more to them than any other bidder and they should be happy to pay market price for it.

But I can't see SE or anyone else getting approval for an open cast coalmine in a national park.

[Wiremu]

Arbitrage,

Don't be taken in by Solid Energy's PR spin. Don Elder is making very selective statements which at best are half-truths.

Let's start with NZ owned, all for NZ, etc, etc. Didn't Solid Energy sell a 50% share in Spring Creek to Cargill. Last time I looked Cargill was anything but a New Zealand company.

And let's look at Spring Creek. Has anyone asked why Solid Energy closed that mine for a day "with respect to the miners who lost their lives at Pike River". Yet the Spring Creek mine is in such poor shape that it still hasn't reopened and we are four months down the track. Why, at a time of record prices for coking coal, is that mine still shut?

I understand that Spring Creek is barely reaching 60% of its forecast production rates - and run by the entity that states they are the best in the world at this type of operation.
Solid Energy's history in relation to safety and environment simply doesn't stand scrutiny.

Of equal nonsense are the ramblings of Don Elder on JORC compliant resource and reserve figures - half truths at best. 100m borehole spacings yet they don't do in-seam drilling. They probably don't know what it is and why it is such an important tool. I suggest Mr Elder is being deliberately duplicitous (or just dumb) to not mention that.

As for his comments on part opencast mining presented as facts. What about the conservation controls and considerations? What about the parts that still have to be mined underground. Why would you opencast part of the mine and how can that be justified? And as for the infrastructure not being required that's so transparent its almost laughable.

As a PRC shareholder I expect the receivers to do their job, and maximise the return for the secured creditors leaving as much as they can for shareholders and creditors and to take no notice of attempts by Solid Energy to influence the public, the politicians, the receivers, and Mr Kokshorn with their duplicitous statements. Solid Energy's offer will be all that counts and no amount of unsupportable bluster will make up for a low price compared to other offers.

[brucey09]

Snrs. What did happen to robotic numero 3

[Balance]

Snrs. What did happen to robotic numero 3

You mean this one?

http://www.youtube.com/watch?v=6-Q_0x_4o4k

[whatsup]

This PM? http://www.youtube.com/watch?v=6-Q_0x_4o4k

The one of a country borrowing $250m a week now to stay afloat?

Good one.

I can just imagine the BHPs of this world quaking in their billion dollar mines at the PM's backing. More likely falling off their chairs laughing their heads in the board room wondering what kind of PM NZ has got!

Balance, Most of the "borrowing $250 mil per week " is mostly old debt , some of it is 10 years old and each week there is debt due in some shape or form , it has been that way for decades, there may be some new borrowing added from time to time but I think some of this weekly debt roll over goes back to the "think big " days when the massive amount of over seas money was borrowed in the first place.