First profit in four years for UK Coal, but pit closure still likely
Saturday 28 April 2012
UK Coal posted a profit for the first time in four years yesterday – but said it is still in talks about closing its Daw Mill pit in the West Midlands.
The mining group reported a pre-tax profit of £58m for 2011 compared with losses of £124.6m a year earlier, but its chairman, Jonson Cox, said: "Recent performance at Daw Mill, the near-doubling of our pension deficit and the level of debt in the mining business have continued to highlight how much remains to be done to put UK Coal on a stable footing." UK Coal's pension scheme deficit has risen from about £250m in 2009 to £430m at the end of last year.
- 1 What, let gays get married? We must be bonkers
- 2 Rocky Horror star Tim Curry 'suffers major stroke'
- 3 Exclusive: How MI5 blackmails British Muslims
- 4 EDL marches on Newcastle as attacks on Muslims increase tenfold in the wake of Woolwich machete attack which killed Drummer Lee Rigby
- 5 Farewell, Shameless. Your heirs have work to do
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.