Coal industry is target for union buy-out

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The Independent Online
EAST MIDLANDS Electricity and the Union of Democratic Mineworkers yesterday revealed plans for an employee buy-out of the coal industry.

The consortium, backed by investors from the City of London, said it wanted eventually to buy about a dozen pits in the Midlands and Yorkshire.

Roy Lynk, the UDM president, and John Harris, EME chairman, are waiting for the Government to announce how it will privatise the industry next year.

Mr Harris said yesterday: 'We are in this for real. Provided the Government can come forward with the right kind of deal, we can achieve an employee buy-out in Nottinghamshire.'

Mr Harris added that he was looking to buy at least a dozen pits as well as opencast sites, and said: 'We do not see a financial difficulty. The City sees this as a worthwhile investment.'

The news comes on the day a delegation of local MPs, councillors and clergymen met Tim Eggar, Minister for Energy.

He was unable to give reassurances that Nottinghamshire pits would be saved. The area faces the closure of nine out of 13 pits.