New Zealand hard-coking coal miner, Pike River Coal, sent its first shipment of coal to India on Friday, a 20,000 tonne consignment worth $3.4 million shipped to Indian customer Gujarat NRE Ltd, which owns a 7.6% stake in Pike. GNRE is one of two Indian customers contracted to 55% of Pike's coal over its mine life.
CEO Gordon Ward said "It's a milestone day for us after some pretty intensive efforts." Pike has spent $270 million getting to this stage, $50 million of which were unexpected costs, forcing the miner to twice go back to its backers for more funds.
"It's a milestone day for us after some pretty intensive efforts," Mr Ward said, "we're very appreciative investors have kept their eye on the prize.”
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