Solid Energy expected to axe more jobs, $300m in debt

More job losses are expected at Solid Energy's Stockton mine following a meeting in Westport today.

Solid Energy entrance Source: 1 NEWS

The state owned mining company laid off more than 180 staff and contractors last year and cut production at the open cast mine by a quarter.

In March, acting chairman Andy Coupe revealed the company posted a $182 million dollar loss for the year to the end of June. It remains in talks with banks about its future post 2016.

The operator, 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.

Mr Coupe has also confirmed they did not expect any more help from the Government, which contributed $155 million in October 2013 and agreed to cover land remediation obligations in September worth around $103 million.

In June last year it laid off 135 staff at its Stockton mine in Buller.