KEY POINTS:
Pike River Coal 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 last month, plans to extract the first coal from its mine near Greymouth by the end of March but has made slow progress with its tunnelling.
The company said the tunnel had advanced 578m 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 closed down 5c yesterday at 85c, below their $1 listing price.
- NZPA
