Pike River Coal's suspension of transportation contracts will be broadened, with talks beginning tomorrow with other goods and services suppliers on the West Coast.
Gaining access to the tunnel system to attempt recovery of the missing miners is the priority, and it appears likely it will be many months before any decision on the mine's future.
A memorial service for the 29 miners is being held in Greymouth today.
After the first explosion on November 19 and the subsequent three further explosions, there is little likelihood of survivors.
Pike chairman John Dow yesterday reiterated that gaining tunnel access to find the miners remained the priority.
A "force majeure" contract clause had been enacted with transport contractors. He said talks with goods and services contractors on the West Coast were expected to take several days.
It is estimated Pike River contributed up to $80 million a year to the West Coast economy.
Craigs Investment Partners broker Peter McIntyre said given the investment in developing Pike River, the likelihood of West Coasters' wanting it to continue and the high quality of the coal asset, he predicted it was more than likely to be reopened.
"I would be surprised if it doesn't get reopened ... but that's depending on the level of damage and could be up to 18 months away," he said.
Pike shares have been on a trading halt since the 5pm close of the sharemarket on the day of the first explosion.
Mr McIntyre said insurance claims of possibly up to $100 million were still being considered by Pike's management.
Mr Dow said Pike was preparing a claim to insurers, highlighting it would include damage assessments which could not be done until the company could get back underground.
Pike had "material damage and business-interruption"insurance with international insurers, with cover totalling $100 million, which included various sub-limits and stand-down periods.
Many facets of the tunnel had to be assessed before any decision was made as to fire damage to the coal seam, the tunnel, roading system and machinery, Mr Dow said.
However, he noted only 60,000 tonnes of the premium coking coal, from an estimated 18 million tonnes commercially accessible, had been mined so far and all "above-ground assets" were intact.
"Is there the possibility of a viable business? - yes. But that's depending on the damage to the mine.
"The fact is the resource [coal asset] is pretty much understood, as are the surface facilities; the big question is damage to the mine."
He said regardless of when access was gained to the tunnel, it would be "rank speculation" to give any "sense of timing" of how long it could then take to come to a decision on reopening.
There were contracts for advance sales to two Indian companies of its specialist hard-coking coal, used in steel manufacturing.
Mr Dow said both parties were Pike shareholders and had directors on Pike's board.
They were aware delivery could not be made.
When Pike River's float was announced in May 2007, the Indian companies, Gujarat, with an 11.1% shareholding, and Saurashtra, with 9.5%, injected a total of $37 million equity and signed up to take about 55% of the mine's output.
Following several share issues since listing, the Indian companies' respective stakes now stood at 7.1% and 5.5%.
A shipment of Pike coal was due out this month to a Japanese buyer, but this had been cancelled and the partial stockpile of 20,000 tonnes has been sold to state-owned enterprise Solid Energy, Mr Dow said.
Pike has been given a 90-day reprieve by its bankers on repaying majority shareholder New Zealand Oil and Gas a $25 million loan in mid-December.
The repayment deadline has been extended to the end of February.
