Solid Energy faces more losses as global coal prices stays capped

Thu, 06 Mar 2014

By Paul McBeth March 6 (BusinessDesk) - Solid Energy, the state-owned coal miner, faces more losses as it contends with muted coal prices on a global market that’s been flooded with product from the US and Australia amid dwindling demand from the likes of China. Acting chief executive Garry Diack told reporters in Wellington the state-owned enterprise will take between 12 months and 18 months before it gets close to a breakeven result as it overhauls the business after ambitious growth plans failed under the previous leadership team. “With...

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