NZOG loan to help stabilise Pike River mine

8:07 pm on 17 October 2011

The majority owner of Pike River Coal, New Zealand Oil & Gas (NZOG) has loaned an extra $5 million to the receivers for the mine to help with the cost of stabilising the mine.

To date, the company says the receivers have drawn down $4.3 million of the loan.

The latest loan is in addition to $15.3 million NZOG has advanced to Pike River Coal since the explosion in November 2010 that killed 29 miners and led to the mine being placed in receivership.