One of the strongest advocates of good corporate governance has joined the state-owned Solid Energy New Zealand Limited as a member on its Board of Directors.
He brings to this new assignment several years of experience and expertise earned in similar and other industries, including MBF Carpenters of Australia that represents a multinational involved in mining, chemicals and oil and gas.
“It’s an interesting and challenging time to be appointed a Director of Solid Energy,” he said, following an official announcement.
A commercial barrister and an international legal consultant, Mr Rabindran is the Chairman of Bank of India (New Zealand) Limited and Director, Auckland Transport.
Wide expertise
His expertise includes strategic planning, risk management, structuring, negotiating and financing major national and international projects in energy, construction, infrastructure development and transport.
As well as being involved in major projects in more than 25 countries, he has worked with the World Bank and major corporations and has acted for Governments, multinationals and local authorities.
In New Zealand, he has chaired various public hearings panels including the 2012-2015 Regional Land Transport Programme and the Election Signs Bylaw.
Solid company
Established in 1987, Solid Energy is the largest coal mining company in New Zealand. A successor of the former Government department State Coal Mines, its annual production is about four million tons, of which about 70% is used in steel production.
The Company’s main mining operations are in Waikato, West Coast (Buller) and Southland regions.
The Waikato coals are sub-bituminous, supplied predominantly to the New Zealand Steel plant at Glenbrook and Genesis Energy’s Huntly Power Station.
From its Buller and West Coast mines, the company produces a range of coal products, including hard, semi-hard and semi-soft coking coals for export to long-term customers and quality thermal grades supplied to customers throughout the upper South Island.
In Southland, Solid Energy mines predominantly lignite for use in nearby industrial plants.
Prolonged recovery
The Company posted a net (after tax) loss of $40.9 million for the first half of its financial year that ended on December 31, 2013. This figure was down from a loss of $318.2 million when it wore impairment charges of about $222.7 million.
Acting Chair Pip Dunphy said that the Company’s financial recover is likely to be prolonged.
“It will depend on a number of factors including continuing improvement in its business performance and higher prices in international coal markets,” she said.
