Australian (ASX) Stock Market Forum

PRC - Pike River Coal

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Hi Mc Coy - I just rechecked my Commsec sheet incase I had got carried away with the Euphoria and yep it says that the price has increased today per share of $0.005.

How anything can increase by this amount defies the senses. My PRC shares value increased by $4.
Maybe it is because the mine is in NZ and things move very very slowly on the shaky isles. I guess it is why there are 1/2 mil. kiwis in Oz.

Can anybody else offer an explanation - tongue in cheek or otherwise?
 
Hi Zerd and others, my only hopes for something positive are pinned for Jan/Feb 2010, when we should know more about PRC "going live" and finally starting to dig something from the ground. What an agony this share has caused so far; of course I could have sold but being in red so much I would get back peanuts.
Now I will wait another 2-3 months.:(
 
babka said:
Hi Zerd and others, my only hopes for something positive are pinned for Jan/Feb 2010, when we should know more about PRC "going live" and finally starting to dig something from the ground. What an agony this share has caused so far; of course I could have sold but being in red so much I would get back peanuts.
Now I will wait another 2-3 months.:(
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Why wait 2-3 months to try and 'win' your money back through this stock? And what is the opportunity cost of hanging in there?

Start with a clean piece of paper and ask yourself where the best place to put that money is. Is PRC going to perform better than any other stock in the next few months?

It has taken me the last year to realise that you can't get emotionally attached to a stock. Sometimes you just need to take the hit and move on.

You can always re-enter the trade when things are looking more positive.
 
Thank you DTB - your comments are most welcome and I will take it on board. It is a painful lesson that hanging on to a dead dog of a stock only prolonges the pain and loses more hard earned money especially when as you say there is also an opportunity cost of not investing elsewhere. I have much to learn and I am grateful for the guidance and will need to be braver in my decision making.

PRC has dropped yesterdays gains of 0.005c atoposting.
 
PRC are having a long struggle in NZ to produce large amounts of hard coking coal in a very difficult mine. They deserve to get this right and the high price of coke should push them away from shore to the promised land, eventually.
Sold the stock a while back as their struggles continued, eyeing up this KIWI share again.
First coal shipment to India was in February 2010 - got there in the end.
 
Still not sure about this stock despite buying a few shares. It's taken ages to get to this hard coking coal, though the stock price has been resilient.
India is interested with a colorful director on board. But I'm still unsure.
If you know more about Pike River Coal I'd be glad to here - cheers noi
 
Pike River Coal the NZ hard Coking Coal miner that fought hard through tunnels to reach the resource are selling coal now.
The last shipment was for $6 million on 6th Sepember at US$225 a tonne. Up from US$200 in the shipment last quarter.
Losses in the last full year were at $48 million and $39 million after tax allowances.
If they manage $72 million of shipments from the Earthquake slightly ravaged port of Lyttleton, NZ then their position will be looking up. Profits and not losses look likely next time round, year ending 2011.
Profits hopefully in the wide range of $20 - $50 million - needs more research on this.
 
Massive explosion at Pike River coal mine about 1600hrs NZDT today. 2 survivors so far have walked out and reported feeling an explosion underground. 36 miners still unaccounted for. helicopter just flew over the area and reported smouldering trees around one of the portals and a building blown off the hillside. Smoke still coming from the portal. Huge emergency response underway.
 
Who Dares Wins said:
Massive explosion at Pike River coal mine about 1600hrs NZDT today. 2 survivors so far have walked out and reported feeling an explosion underground. 36 miners still unaccounted for. helicopter just flew over the area and reported smouldering trees around one of the portals and a building blown off the hillside. Smoke still coming from the portal. Huge emergency response underway.
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Such terrible news. I wish they can pull a Chilean-type rescue effort for the missing.

News article here.

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10688716

And the irony
A mix of miners and management, who were on a safety tour of the mine when the blast occurred, are among those missing.
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And good luck to holders.
 
A good interview with CEO Peter Whittal on TV here. Very calm and collected. He said he has no reports of fatalities but as he was saying that the ticker was saying "one dead". Real bad situation.
 
Reported by AOL that over 30 miners are missing. This is very sad and looks similar to the Strongman Mine explosion on 19th January 1967 when 19 miners were killed.
Shares are in Trading Halt and may now be virtually worthless.
 
The 2 workers who walked out indicated that 3 more would follow who did not. Mine Rescue have not yet entered the mine at 2100hrs NZDT because of safety issues. Word is that "it could be days". PRC say there are 15 PRC employees and 12 contracators unaccounted for.

Yes Noirua, shares probably are worthless but dont think anybody is worried about that. Tucked my boy into bed a few hours ago and couldnt help but think of the families of those guys down below.
 
Yes much thoughts to the families involved. Money is nothing when it comes down to the loss of life and sadness to all involved.
 
The missus was watching Better Homes & Gardens earlier this evening. Apparently Weekend Sunrise will be bringing "live pictures" of the "mine rescue" from 7am tomorrow. Buncha clowns at Channel 7.
 
At this stage it is probably distasteful to talk about shares and cash; save to note that Pike River Coal Limited is a market quoted company and the Strongman Mine (later replaced by Strongman II and then by the Springhill Mine owned by Solid Energy Coal) in 1967 was owned by the New Zealand Government.
 
Just heard that there's been a second explosion at the mine this afternoon, about an hour ago I think, and that those underground are now presumed to all have died.

A terrible disaster for all those involved, their families, friends and the surrounding community.

Also spare a thought for those who are still alive but will now likely lose their employment at the mine. It may seem a trivial concern, but for some that means not being able to pay the mortgage etc with all that entails. Better than being dead that is for sure, but it's still not a good situation.

A real tragedy in my view. And let's remember that in our technological world, we all depend in some way on those who undertake dangerous work such as mining. Someone has to do it.

One thing though, how to prevent something like this happening again? I'm thinking that if the gas was extracted prior to mining the coal, that would have three benefits. (1) Additional energy source in the form of coal seam gas (which is the same as natural gas) (2) elimination of unburnt gas escaping during coal mining, noting that the unburnt gas isn't too good for the environment (3) avoid future disasters such as this one.

How practical it is to do this with every coal mine I don't know, but it's something that should at least be looked at in my view. It's already done as a source of gas in some places (eg Queensland), but my thinking here is to target areas that are also going to be mined for coal, and take the gas out before mining starts. :2twocents
 
Very sad indeed. The probability of 2 miracle mine rescues in one year was just too small :(
 
Smurf1976 said:
Just heard that there's been a second explosion at the mine this afternoon, about an hour ago I think, and that those underground are now presumed to all have died.

A terrible disaster for all those involved, their families, friends and the surrounding community.

Also spare a thought for those who are still alive but will now likely lose their employment at the mine. It may seem a trivial concern, but for some that means not being able to pay the mortgage etc with all that entails. Better than being dead that is for sure, but it's still not a good situation.

A real tragedy in my view. And let's remember that in our technological world, we all depend in some way on those who undertake dangerous work such as mining. Someone has to do it.

Well said. Condolences to the family and friends of the deceased miners. Hopefully we can improve our processes and avoid such tragic events. RIP
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It happened before and they blamed the miners at the Brunner Mine Disaster at 9.30am on Thursday 26/3/1896 - 65 miners died. [they said the miners were at fault due to a blown out shot that ignited coal dust and gases]

http://en.wikipedia.org/wiki/Brunner_Mine_disaster

http://www.teara.govt.nz/en/coal-and-coal-mining/7/21

http://christchurchcitylibraries.com/kids/nzdisasters/brunner.asp

http://folksong.org.nz/down_brunner_mine/index.html

http://freepages.genealogy.rootsweb.ancestory.com/~ourstuffBrunnerDisaster.htm
 

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