Pike River Coal Ltd has lost $39 million in the year to June due to higher development costs as it prepares to export shipments of coal.
Last year the company lost $13 million.
The listed mining company says sales from its first shipment of premium coal in February this year were $3.3 million.
Pike River has not declared a dividend, but has previously said it expects to pay a dividend when the mine is producing and has positive cash flow.
