A grieving father and spokesman for families of the 29 men killed in the Pike River Coal mine says he's "gutted" for the Pike River workers made redundant after the company went into receivership.

Grey District Mayor Tony Kokshoorn is calling for Pike River to be made into an opencast coal mine, amid efforts to keep the 114 skilled miners made redundant today on the West Coast.

The search for 17 people missing after a Korean fishing vessel sank in the Southern Ocean early today has been scaled down as it becomes increasingly unlikely further survivors will be found.

An Australian mine safety expert and a former senior NZ public servant have been named as Royal Commissioners in the Pike River mine tragedy inquiry.

Five people are dead and 17 missing after a Korean fishing vessel sank in the freezing waters of the Southern Ocean, 2700km south east of Bluff, early this morning.

Herald deputy business editor Grant Bradley, who has visited the Pike River mine and covered the company for the Business Herald, on why today's receivership move by Pike River was inevitable.

The second death in two years at a popular marine reserve has prompted calls for lifeguard patrols.

Police are investigating the death of a young man who fell from the balcony of a Wellington city apartment today.