TEXT-NZ's Pike River settles coal price at $300 per tonne

(The following statement was released by the company)

WELLINGTON, June 3 - Pike River Coal Limited (Pike River) announces it has settled the sales price for its premium hard coking coal with two Japanese steel mills and its Indian shareholders (Gujarat NRE Coke Limited and Saurashtra Fuels Private Limited) at US$300 per tonne for deliveries in the current Japanese Fiscal Year ended 31 March 2009.

Pike River Chief Executive Gordon Ward says "We are pleased to sell our first coal at record prices which are in line with price settlements announced by Australia's major hard coking coal producers for their premium quality hard coking coal."

"The development of Pike River represents a timely diversified source of supply of ultra low ash metallurgical coal into the world market."

First shipments of Pike River premium hard coking coal to Japan and India are expected in the first quarter of 2009.