The company at the centre of last month's deadly mine explosions and all over the news for the mine tragedy in New Zealand has been dealt another blow as it was placed in receivership.
New Zealand Pike river Mine in recievership
The mine's main shareholder “New Zealand Oil and Gas Ltd” has appointed Price Water house Cooper ( PWH) as the receiver at the request of the mining company's board. Spokesperson for Pike River Coal says it is in a delicate financial position and is unlikely to be able to repay its loans
About Pike river coal Mine
The Pike River Mine is a coal mine operated by Pike River Coal Ltd 46 km (29 mi) north-northeast of Greymouth in the West Coast Region of New Zealand's South Island.It was to begin production in early 2008, and was initially expected to produce around one million tonnes of coal per year for around 20 years
A series of explosions one after the other rocked the underground mine near Greymouth on the west coast of the South Island in November, killing 29 miners and contractors and hampering any further rescue while the miners were already presumably not alive.
The union has said that they expect as many as 90 per cent of the mine's 160 workers could possibly be made redundant this week.