OCEANIA

Drastic measures for Greymouth

17 years ago

An asset-sale, reduction to skeleton three-person staff and returning of governance to the Grey District Council are among measures being pursued for the debt-ridden Port of Greymouth.

With Pike River Coal recently opting out of a potentially lucrative coastal shipping agreement in favour of a Solid Energy/rail export deal, the small South Island port has been left with minimal cargo business and an annual operating loss of NZ$250,000 (US$187,000).

Although the local fishing industry is booming, few new opportunities are currently on the horizon and the District Council is also considering parting with a NZ$3m (US$2.2m) landholding to wipe its current NZ$2m (US$1.5m) debt.