Solid Energy releases first Quarterly Report

Solid Energy releases first Quarterly Report

Resources company, Solid Energy, says in its first publicly released Quarterly Report that, despite the catastrophic Christchurch earthquake in February, the company’s performance for the year to date remains strong across its operating businesses, supported by strong commodity market prices.

Solid Energy Chief Executive Officer, Dr Don Elder, says that compared with the same period last year coal sales were up 18% for the year to date at the end of March 2011, biodiesel sales up 73% and wood pellet sales up 262%. Coal, biodiesel and wood pellet production for the year to date have all increased, while the company’s New Development projects – lignite conversion, underground coal gasification and coal seam gas – are making good progress.

Solid Energy paid an interim dividend of $20 million to its shareholder, the Government, on 31 March 2011.

Dr Elder concludes: “Coal export prices continue to trend upwards quarter by quarter. Demand for coal in New Zealand markets remains stable and our wood pellet business continues to make strong progress towards sustainable long-term profitability.”

Solid Energy’s Quarterly Report is on the website at http://www.coalnz.com/index.cfm/3,138,345/solid_energy_quarterly_report_to_31_march_2011.pdf

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