15 Mar 2012

Pacific Fibre on track, says ceo

6:03 am on 15 March 2012

The company planning to build a high speed internet cable between New Zealand and the United States says despite some difficulties it's on track to raise the necessary finance.

The Australian Financial Review raised concerns about Pacific Fibre's ability to meet its $486 million fundraising target for the project.

Chief executive Mark Rushworth says it's been harder and more time-consuming than expected to find the money but he's confident cable laying will begin in the first quarter of 2014 as planned.

Mr Rushworth says Pacific Fibre has secured more than $200 million from its four anchor customers - Crown-owned research network REANNZ, Australian internet provider iiNet, Vodafone and another as yet un-named telcommunications firm.