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PRC Pike River Fpo Nz

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Share Name Share Symbol Market Type
Pike River Fpo Nz ASX:PRC Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

New Zealand Rescuers Turn To Robot In Trapped Miners Search

22/11/2010 9:05am

Dow Jones News


Pike River Coal (ASX:PRC)
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Rescuers at a damaged New Zealand coal mine will rely on a robot normally used to disarm bombs in their latest effort to locate 29 miners trapped in the pit since an underground explosion three days ago.

"Sending the robot to look around is the first stage to assess what the damage is and look at how far we can go before we send anyone in," said New Zealand Police superintendent Gary Knowles, who is overseeing the rescue.

The robot, known as a Remote Positioning Device Wheelbarrow Revolution, is normally deployed by the New Zealand army's bomb squad and is being used because pockets of gas make it too dangerous for rescuers to enter the pit, according to Knowles. Equipped with sensors to test for poisonous fumes and four powerful cameras to search for survivors, the robot will relay information from inside the mine back to rescuers by fiber optic cable.

As the rescue effort heads into fourth day, engineers are no closer to locating the 29 miners who were named Monday by authorities. Those trapped in what may be the country's worst mining disaster include 24 New Zealanders, two Australians, two U.K. nationals and one South African.

Work on a 150-meter-long bore hole that will also help locate the stricken miners is about two-thirds complete but the prospects for recovering the workers remain uncertain, according to officials.

"We are planning for outcomes and in this process we are also planning for the possible loss of life," said Knowles.

The mine's operator, Pike River River Coal Ltd. (PRC.NZ) is about 29% owned by New Zealand Oil & Gas Ltd. (NZO.NZ), with India's Saurashtra World Holding Private Ltd. and Gujarat NRE Coke Ltd. (512579.BY) owning 5.5% and 7.1% respectively. Shares in New Zealand and Australia for both Pike River Coal and New Zealand Oil & Gas have both been suspended.

The Pike River coal mine, deep in the rugged Paparoa Ranges about 25 miles northeast of the coastal town of Greymouth, has been plagued by a series of setbacks since its seam was first tapped in 2008. A rock fall that damaged its main ventilation shaft last year and tough geographic conditions have complicated efforts to bring the mine into full production and pushed up costs to about 280 million New Zealand dollars (US$217 million), compared with initial estimates of NZ$207 million, according to company statements.

Pike River's Chief Executive Peter Whittell said Monday he hoped the trapped miners have survived.

-By Lucy Craymer, Dow Jones Newswires; 64-4-471-5990; lucy.craymer@dowjones.com

--Rebecca Howard contributed to this story.

 
 

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