A sad day for New Zealand as the state owned coal miner has hit the wall and appointed administrators.
What is the plan now? The first thing will be to have a meeting of creditors with a vote about whether they agree with the proposal to sell down the assets of the company over time. If they don't agree then I imagine the result will be liquidation.
>>Intelligent Article Here<<
Coal mining is viable and profitable. Imagine the industrialised world without coal. It's hard to imagine as it isn't possible. We need uninterrupted electricity, steel, cement, you name it.
A lot of the business units within Solid Energy are very good operations with high quality coal, and without government interference they'll do well, so selling them off to private operators is the best bet IMO. Stumbling along as they are now isn't an option.
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