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Pike River Coal said yesterday it had appointed two new independent directors after three independent directors quit in December.
The trio left the board after NZ Oil & Gas, owner of 61 per cent of the company, took control of the public listing, which has been delayed four times and is scheduled for the first quarter of this year. NZOG said it had appointed John Dow and Stuart Nattrass to the PRCL board.
John Dow is a miner with extensive experience. He was managing director of Newmont Australia for three years. Gisborne-born, he is now a mining industry consultant based in Nelson.
Nattrass is a director of Fonterra and a former foreign exchange dealer. He was global head of foreign exchange risk for Westpac in Sydney. He now farms at Geraldine and was elected to the Fonterra board in 2003. He holds several other directorships.
PRCL chairman Ray Meyer said the agreed appointment of Arun Jagatramka, managing director of Indian shareholder Gujarat NRE Coke, on conclusion of the Pike IPO, would complete the board.
Last month, NZOG said work on its Pike River Coal mine was going more slowly than expected due to variable rock conditions.
The first coal is expected to be shipped in the December quarter.
NZOG was expected to register a prospectus for the IPO this month.
NZOG shareholders will receive entitlements to one Pike River share for each eight NZOG shares held.
The mine, near Greymouth, can produce high-quality coking coal which will be sold to India. NZOG shares closed yesterday on 89 cents.
- NZPA
