In the news yesterday:
Solid Energy expected to axe more jobs, $300m in debt
[Solid Energy] which runs mines in Waikato, West Coast and Southland, owes around $300 million to banks and has twice been bailed out by the Government. It has racked up debt after embarking on projects that were hit by a slump in world energy prices.
Stockton job losses confirmed
More than 100 people will lose their jobs at Solid Energy’s Stockton Mine, in Buller, the State-owned company has announced.
Solid Energy chief executive Dan Clifford said the number of jobs at the mine would go from 397 to 246. However, 38 roles were already vacant so the total number of redundancies would be 113.
Last year 184 staff were laid off from the financially troubled mine – about a third of its workforce.
What the first article doesn’t tell you is that state owned Solid Energy ran up this debt at the instruction of Bill English, despite warnings of the projected slump. Bill English killed Solid Energy, these job losses are his.