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Salient. Victoria University Student Newspaper. Vol. 37, No 21. August 28, 1974

The Pike River Coal Field

The Pike River Coal Field

About fifteen miles further north along the Paparoa Range from Mt Davy lies the Pike River coal field. Like Mt Davy, it has also long been recognized as a large deposit of high grade coal. The prospecting warrant for Pike River it held by Magellan Minerals (NZ) Ltd, a wholly owned subsidiary of Magellan Petroleum Australia Ltd which in turn is 54% owned by the Magellan Petroleum Corporation of America, one of the smaller of the US of I grants.

In June of this year Magellan made a report on their Pike River prospecting operations to the Australian Stock Exchange. It was revealed that estimated reserves are 70 million tons of high quality coal. The Australian Financial Review made the comment that 'last night's announcement may well herald the advent of New Zealand into the international energy industry and signify better times for the company's shareholders."