KEY POINTS:
Coal miner Pike River Coal said today it has completed 48 per cent of the tunnel to reach its coal deposit, with the installation of a new conveyer system improving progress.
Pike River, which floated on the stock market this month, plans to produce first coal at its mine near Greymouth by the end of March 2008 but has made slow progress with its tunnelling.
In an update today, the company said the tunnel had advanced 578 metres between April 1 and July 30, during which period the new system was installed to move blasted rock from the tunnel face to the tunnel entrance.
The tunnel has now advanced 1110m of its 2300m total length.
"Installation of the conveyor delivered immediate results with daily and weekly records being set for tunnel advance," the company said.
"Rates of tunnel advance will continue to vary depending on the rock type encountered, as is usual for projects of this nature."
Shares in Pike River were down 3 per cent at 87c, below their $1 listing price.
- NZPA
