Pike River said it settled the sales price with two Japanese steel mills and its Indian shareholders, Gujarat NRE Coke and Saurashtra Fuels Private, for the current Japanese financial year, ending March 31, 2009.
“We are pleased to sell our first coal at record prices which are in line with price settlements announced by Australia’s major hard coking coal producers for their premium quality hard coking coal,” Pike River chief executive Gordon Ward said.
The new mine, located 50km northeast of Greymouth on New Zealand's South Island, is expected to produce 1 million tonnes per annum for at least 18 years using hydro-mining.
