Update regarding the sale of the Pike River Coal Mine

17 July 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 confirmed the completion of the sale of the Pike River Coal Mine and related assets to Solid Energy.

Mr Fisk says, “We are pleased that all conditions relating to the sale have now been met, and responsibility for the mine and related assets has been transferred to Solid Energy. Payment of the balance of the base purchase price ($5 million) has been received. This will enable the Receivers to make a further distribution to the secured creditor."

There are a number of matters that still need to be addressed before retiring from the receivership. The Receivers will be reporting to creditors on the expected final outcome in the near future.

Mr Fisk adds, "The Pike River disaster has been a national tragedy and this has been a most challenging receivership. Settlement is a significant step towards completing the receivership.”

ENDS

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