Tuesday, September 16, 2008

News: Hargreaves to extend life of Maltby pit


The latest financial results from Hargreaves Services, the owners of Maltby colliery in Rotherham indicate that operations could continue by a further eight years to 2025. The report highlights that recoverable coal reserves substantially increased over the past year to the end of May. The Group purchased Maltby Colliery, the last coking coal mine in the UK, in February 2007 with a view to securing supply of coking coal for its Monckton coke works. When the colliery was purchased from UK Coal plc the estimated mine life extended to 2015. The acquisition of Maltby Colliery led to gross revenues for Hargreaves' production division increasing from £39.6m to £84.3m with profit increasing by £5.7m to £9.7m. Over the year, Maltby performed largely in line with financial expectations but production, at just over 1 million tonnes, was lower than projected. The revenue for the mine was £47.8m compared to £12.1m in the three months ended 31 May 2007 and operating profit in the last year was £6.3m. All Power Station Fuel ("PSF") produced at Maltby continues to be supplied to power company, Drax who have exercised their option to extend the contract by a further year. The colliery celebrated 100 years of operation earlier this year.


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