In the six months to December 31, 2007 Pike River made a net deficit of $1.579 million as it continues to move towards first production of its Pike River mine.
The loss was influenced by one-off staff recruitment, relocation and related costs, as well as development costs and costs associated with the end of its transport arrangement.
However, Pike River has reported significant progress in its operations, with a $51.1 million investment in mine development assets at its Pike River coal mine.
The mine access tunnel is now 86% complete, with key infrastructure either completed or well advanced, and a new transport agreement has been signed.
Pike River intends to spend a further $100 million to complete development at the mine and fund operations until steady state hydraulics – a mining method that uses high-pressure water from a hydraulic monitor to cut and transport coal – is achieved.
