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What to do with NZ's Solid Energy?

New Zealand based Solid Energy Chairman, John Palmer feels that the state run mining company should be partially privatized to meet the $10 billion capital it needs to expand. The idea is similar to the partially listed Air New Zealand ownership model, of which John Palmer is also the Chairman.

Currently 75% of Air New Zealand is owned by the state and it is also a listed company which operates as per the listed company disciplines. As per chairman John Palmer the same method could be used to raise funds for Solid Energy to help it achieve its commercial potential.

Air New Zealand had performed at least as well as the market, and in many respects had done better, even though its record for value creation and performance was somewhere between average and poor.

Solid Energy is looking to expand on several fronts such as renewable energy, lignite, underground coal gasification, coal seam gas, and biofuels. It is looking at investment of between $NZ5 billion ($A4.04 billion) and $NZ10 billion ($A8.09 billion) in the next decade.

The Government has signaled it would consider asset sales if elected for a second term, although Prime Minister John Key has ruled out selling KiwiBank after a public outcry.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, content production, design, animation, database and networking, software, and editing. Joel has been with AZoNetwork since its inception in 2000.


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