New Zealand's state-owned coal interests, Solid Energy lost NZ$86.04mill in 1998/99 compared to a profit of NZ$13.24mill in the previous year. Total coal sales were down from 2.64m mill in 1997/98 to 2.57mill in 1998/99. Exports were up from 1.15mt in 1997/98 to 1.19mt in 1998/99.
In February 1998, it was decided that selling Solid Energy was an attractive option and, in July, bids from local and international buyers reinforced this view. Final bids were received in November 1998 and were at a level that led to the sale processes being abandoned....
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Approx 200 words from CoalTrans International, January 2000,
page 9.
