20 Sep 2010

Pike River Coal shares fall after funding announcement

12:57 pm on 20 September 2010

Shares in Pike River Coal have fallen after the listed miner said it needs more short-term funding to continue developing its underground mine at its current rate.

The company said it was advanced talks with funders and hoped to announce a deal by the end of the month.

Pike River chairman John Dow said it needed more cash because the installation of hydro mining equipment is more costly and has taken longer than expected.

At midday on Monday, Shares in Pike River had fallen 5 cents to $1.06.