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Wednesday, July 15, 2015

UK Coal Holdings to close Kellingley mine in December

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July 15:

UK Coal Holdings announced to close country’s last operating coal mine at Kellingley in December.

The company's other mine, Thoresby Colliery which was one of the last underground coal mines in Britain, was closed earlier this month, resulting in 360 job losses.

With the closure of Kellingley mines, an era will end in the UK, which used to employ more than million people a century ago, reported Bloomberg.

The company said that its decision to close the mines, "follows a long period of difficult trading conditions, largely due to low international coal prices and geological issues at both mines."

Reuters reported that underground coal mining became unprofitable in Britain due to the emergence of cheaper alternatives from Colombia, Russia and the US.

The emergence of renewable energy, slump in domestic demand and a government drive against carbon-intensive coal power generation have also affected the industry negatively.

In 2013, UK Coal was placed into administration due to pension liabilities and strong competition from cheaper alternatives.

The administration continued for over 18 months.

UK Coal also raised a loan of £20m from Hargreaves Services, Harworth Estates and the UK government.

Last month, another coal mine at Hatfield in northern England was closed, after failing to secure funding support from the government.


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