The state-owned coal producer submitted its expression of interest to Pike’s receiver yesterday, and could end up competing against bids from Chinese, Indian, American and Australian-based companies.

Solid’s Spring Creek hydro-mining operation is north of Greymouth and the company has long term logistical agreements in place with KiwiRail and Lyttelton Port of Christchurch.

“We also have an agreement in place to rail coal from the Pike River mine to Lyttelton, which was put on hold following the explosion at the mine last November,” Solid chief operating officer Barry Bragg said.

Solid also decided to recently lease land at Pike’s rail loadout at Ikamatua to complement its “development projects” in the Reefton and Greymouth area.

"We believe Solid Energy is uniquely positioned to develop and implement a sound mine management plan that would allow the mine to be successfully operated, but we know that there is no short term fix to get the mine up and running again," Bragg said.

"It will take a long-term commitment of considerable resources and capital over several years, as well as working with key parties including the families of those who died in the mine and the West Coast community.

"Solid Energy remains committed to recovering the bodies of the 29 miners, if possible, and to address the situation of the unsecured West Coast creditors.

“We expect that any company seeking to acquire the assets should be held to the same expectations.

“The worst that could happen for the families and the West Coast is that a speculator acquires the assets and banks them in their resource portfolio. That really would be the worst possible outcome for everyone."

Solid is also concerned about the geology of Pike’s resource and the damage to the mine infrastructure, but remains committed to acquiring the assets.

“We are cautious about the prospect as we don't believe the resource and its quality are characterised, or the geology understood, to anywhere near the level required in these types of challenging conditions, even in the areas that have been mined,” Bragg said.

“There was also considerable damage to the mine from the explosions so we also have doubts about how much of the existing infrastructure will be useable.”

Pricewaterhouse Coopers receiver John Fisk told ILN this week that there would be a four-week period of due diligence after the expressions of interest deadline on Thursday.

Indicative bids will follow this period, while the receiver aims to strike a sales agreement in early August.

PwC is also distancing itself from the possibility that the bodies could be recovered from the mine.

Further investigation is underway to determine the seriousness of a significant roof fall at the end of the access tunnel about 2.3km into the mine.

“If there is a significant roof fall there then we will need to put a permanent seal at the end of the tunnel,” Fisk previously told ILN.

He acknowledged such a necessity would make it difficult for the families in terms of any possible body recovery exercise.