Newspaper article The Journal (Newcastle, England)

Hargreaves Pull out of UK Coal Closure Deal

Newspaper article The Journal (Newcastle, England)

Hargreaves Pull out of UK Coal Closure Deal

Article excerpt

A PS20M plan for a so-called "managed closure" of UK Coal mines has been thrown into disarray, after a County Durham-based private back-back er pulled out of talks.

Earlier this year, the Government ruled there was no case for investment to keep the deep pit sites at Kellingley in North Yorkshire and oresby in Nottinghamshire open.

However, it was proposed that a managed wind-down and closure plan be put in place, sparing the company the prospect of immediate insolvency which would have cost the Treasury "signicant losses and liabilities" from redundancies and unpaid taxes.

As part of the plan, a PS10m loan would come from the Government, with the rest split between rival mining group, Hargreaves Services, which is based in Esh Winning, and Harworth Estates, landlord of the two mines. Surface mines in Northumberland, Shropshire, County Durham, Derbyshire and Leicestershire would also be sold.

In the statement on the London Stock Exchange, however, Hargreaves said: "Despite the eorts of the stakeholders, it has not been possible to secure a plan that it is able to support. …

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