History
The company raised NZ$85 million in additional capital for expanding the Pike River Mine in 2007. As of August 2007, over NZ$100 million had already been invested into developing the mine. By June 2010, Pike River Coal had invested a total of $288 million in developing the mine. Pike River Coal reported net operating losses of $39 million in the year to June 2010, and $13 million in 2009.
Prior to the mine disaster, Pike River Coal Ltd had a market capitalisation varying around NZD400M. Pike River Coal was initially held by New Zealand Oil & Gas (29% stake plus options and bonds as well as the two Indian companies; Gujarat NRE Coke Limited, (17% share), and Saurashtra Fuels Private Limited, (15% share), with the two latter companies intending to buy about half the running production of the mine's coal. After the initial public offering, the percentages changed to NZ Oil and Gas 31%, Gujarat NRE Coke 10%, Saurashtra Fuels 8.5%, private minority shareholders had 7.9% and the remaining 42.5% was sold to the public.
On 12 December 2010, New Zealand Oil & Gas released a statement saying that it had decided to put Pike River Coal into receivership. On 13 December 2010, New Zealand Oil And Gas stated that Pricewaterhouse Coopers had been appointed receivers.
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