Solid Energy forecasts $200M slump in sales, launches operational review as prices fall

Thu, 16 Aug 2012

By Hannah Lynch Aug. 16 (BusinessDesk) - Solid Energy, the state-owned coal miner being prepared for partial sale, said revenue will tumble about $200 million this year in the face of "extremely challenging" market conditions, with weaker prices and a strong kiwi dollar. The Christchurch-based company said the price of high-grade coking coal has tumbled 40 percent to US$200 per tonne, a multi-year low. The kiwi has gained 3.7 percent so far this year, recently trading at 81.79 US cents. “While many in the industry still expect demand, driv...

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