Coal company Bathurst Resources is trying to raise funds for its open-cast mine on the Denniston Plateau.
The company has stopped trading on the New Zealand and Australian stock exchanges while it asks its shareholders for more money for the West Coast mine.
It has so far delayed starting work on the mine, citing low coal prices, and has made 29 workers redundant.
The company said money is needed to post bonds with the Department of Conservation and councils which must be paid before work starts.
Managing director Hamish Bohannan said in the current market it was cheaper to go to shareholders for the money than to the bank.
Green Party mining spokesperson Catherine Delahunty said Bathurst was struggling, and desperately trying to gather more resources so it can start mining.
Bathurst said it will be back on the markets after it makes a shares announcement, expected either Tuesday or Wednesday.