Monday, April 21, 2008

News: UK Coal pushes on with property plans


The doubling of world coal prices and the £415m property portfolio has helped UK Coal's pretax profit for 2007 go up 292% to £69m. Its property strategy of gaining planning permission for redevelopments at former coal mines as led to its portfolio valuation increasing to £411m with its land and property portfolio, Harworth Estates, estimated to be valued at £800m by 2012. David Jones, chairman of UK Coal, said: "In Harworth Estates, we have also delivered further good progress in both the current value of our portfolio and in its substantially greater estimated future value with the benefit of the planning permissions we are currently pursuing." Plans for the next stage of development for the former Orgreave mine at Waverley in Rotherham are expected to be submitted in June. UK Coal is also hoping to reopen its Harworth colliery near Doncaster, creating 400 new jobs and revitalising the area.

UK Coal website

The Business Desk article

Property Week article

Yorkshire Post article


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