Force majeure depresses Lyttelton coal exports
Aggressive protestors and extended environmental obligations have forced Solid Energy to invoke force majeure provisions and temporarily reduce export coal volume through Lyttelton Port of Christchurch (LPC).Initially expecting to encounter about 1,000 protected snails in its Stockton Mine, the company has to date had to relocate about 5,600.
Additionally, protestors have camped themselves in the blast zone and even chained themselves to nearby railway tracks.Monthly Stockton Mine coal production has consequently reduced from up to 190,000 tonnes to about 60,000 tonnes. However, LPC does not expect that the brief dip will affect its previously-forecast full-year net after-tax profit of about NZ$8m ($6.1m).
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