Update regarding the sale of the Pike River coal mine

News release text:

9 March 2012

News Release

Update regarding the sale of the Pike River coal mine

PwC Partners John Fisk, David Bridgman and Malcolm Hollis, Receivers of Pike River Coal Limited (In Receivership) today announced they have reached agreement with Solid Energy New Zealand Limited for the sale of the assets of Pike River Coal Limited (In Receivership). The agreement is conditional upon due diligence by 30 March 2012, together with other conditions, with settlement expected in May or later depending on approvals being obtained.

Mr Fisk says, “We, as the Receivers, are pleased with this agreement as we consider it the best way forward for all parties. As part of the agreement, negotiations will continue with the Crown to establish a trust that will help oversee efforts to enter the main area of the mine and facilitate body recovery – if it is safe and technically feasible.

“In the meantime, work on the tunnel reclamation is continuing. We will provide further updates as appropriate.

“No further details of the transaction or any related matter can be released until the agreement is unconditional,” concludes Mr Fisk.

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