22 Feb 2011

Plenty of interest in buying Pike River mine

6:45 am on 22 February 2011

More than 10 companies have expressed an interest in buying the Pike River mine if it can be made operable again.

The mine near Greymouth remains shut since 29 workers for Pike River Coal were killed in an explosion on 19 November.

The company went into receivership in December last year.

Receivers PricewaterhouseCoopers issued their first report on Wednesday. In it, receiver John Fisk says that, with no advertising at all, he has received more than 10 expressions of interest from big mining companies in New Zealand and overseas.

The companies say the coal is very valuable and they would be interested if the mine is repaired.

PricewaterhouseCoopers will not name the companies involved.

The report has also revealed the receivers have $9.9 million remaining but that sum is dwarfed by total debts of $110 million, giving unsecured creditors little chance of getting the $31.9 million they are owed.