UK Coal secures funding for managed closure of deep mines

UK Coal has confirmed that it has secured funding for the managed closure of its deep mining business.

A commercial loan of £4m from the government is included in the deal as well as support from other partners that will allow the company to safely close Kellingley Colliery in Yorkshire and Thoresby Colliery in Nottinghamshire.

Andrew Mackintosh, Communications Director, stated “This is a day of very mixed emotions, but it was critical that we managed to avoid insolvency and the immediate collapse of the business. We are very grateful for the support we have been given and this deal does not prevent fresh investment in the company, even at this late stage.

“We would like to thank the government, our people, our customers, suppliers and other interested parties for all of their support and will work with them to ensure a smooth transition in the coming months.”

Edited from various sources by Joseph Green

Read the article online at: https://www.worldcoal.com/mining/27032015/uk-coal-funding-closure-deep-mines-2120/