Former Solid Energy Chair thinks it can’t be saved

Stuff reported:

The chairwoman of Solid Energy quit the state owned mining company because she disagreed with Bill English that the company could be saved, an email shows.

Pip Dunphy resigned from the board of Christchurch-based Solid Energy in February, less than a year after being appointed. Dunphy is a highly regarded professional director, sitting on the boards of the NZ Superannuation Fund, Abano Healthcare and the Fonterra Shareholders’ Fund.

I doubt it can be saved. It sells pretty much one product, and there has been a global slump in its price.

This is again a good reminder of why taxpayers should not own commercial companies.

In 2008 the global price reached $180 per mt. Today it is under $60.