Pike River Coal Limited announces it has settled the sales price for its premium hard coking coal with two Japanese steel mills and its Indian shareholders Gujarat NRE Coke Limited and Saurashtra Fuels Private Limited at USdollar300 per tonne for deliveries in the current Japanese Fiscal Year ended 31 March 2009. Pike River Chief Executive Gordon Ward says We are pleased to sell our first coal at record prices which are in line with price settlements announced by Australias major hard coking coal producers for their premium quality hard coking coal. The development of Pike River represents a timely diversified source of supply of ultra low ash metallurgical coal into the world market. First shipments of Pike River premium hard coking coal to Japan and India are expected in the first quarter of 2009.
The Pike River mine, about 50 kilometres northeast of Greymouth is opening up New Zealand’s largest known deposit of hard coking coal. The underground mine is expected to produce an average of one million tonnes of ultra low ash coal a year for at least 18 years once hydromining commences in mid 2009.
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