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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World NZ coal mine placed in receivership by shareholder AP - Monday, December 13 Send IM Story Print WELLINGTON, New Zealand – The New Zealand company that operates the coal mine where 29 miners died in a series of explosions last month said Monday it has been placed into receivership. Pike River Coal Ltd chairman John Dow said that the largest shareholder, NZ Oil & Gas, appointed accountants PricewaterhouseCoopers as receivers. The coal miner is expected to announce mass redundancies on Tuesday among its 180-strong work force. The first major methane-fueled explosion ripped through the mine on Nov. 19, and the 29 miners were declared dead after a second major blast five days later. Their bodies still have not been recovered because of a fire burning in a coal seam. Details of the company's financial position have not been released, but Dow said the mining company was in a "precarious" financial position following the disaster that has left it unable to repay its loans to NZ Oil & Gas and its bank. NZ Oil & Gas, which owns 29.4 percent of the miner, said Pike River has "substantial" debts. The company faces "an extended period before any resumption of mining can be contemplated, and with (Pike River) rapidly facing insolvency, receivership is an unavoidable step," NZOG chief executive David Salisbury said in a statement. The receivers would "give particular regard to" recovering bodies from the mine tunnels, making the mine safe, the financial entitlements of employees, cooperating with official inquiries and preserving the company's value, he said. Pike River Coal has been operating for about two years. It sells coking coal to offshore steel producers and is New Zealand's second-biggest coal exporter. The company recorded an annual loss of 39 million New Zealand dollars ($29.2 million) in the year ended June 30, according to an annual return filed to the New Zealand Companies Office on Nov. 3. Revenue for the year was listed as US$2.5 million and net assets totaled US$196 million. Recommend Send IM Story Print Related Articles Sanofi extends $18.5 billion Genzyme offer to Jan 21 Reuters - 20 minutes ago US-BUSINESS Summary Reuters - 21 minutes ago Asian stocks, dollar rise, China up as rate hike Reuters - 21 minutes ago H.Kong bourse relaxes mainland firms' listing rules AFP - 21 minutes ago RPT-GLOBAL MARKETS-Asian stocks, dollar rise, China up Reuters - 13 minutes ago News Search Top Stories Liz Hurley confirms separation, Warne 'affair' revealed Cancun reignites climate talks flame German finance minister criticises bailout 'speculation' African health research has solutions but no support Forex market jumps thanks to electronic revolution: BIS More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Russia's Putin sings Armstrong for Hollywood stars Amanda Knox breaks down in Italy sex-murder trial Nations set up global climate fund UK rioters 'made contact' with duchess in fees protest City near Premiership summit as Newcastle beat Liverpool More Most Viewed » NASA finds new form of life... on Earth US, S.Korea plan war games after N.Korean attack Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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