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Wednesday 28th of April 2010
April 26, 2010    

Troubled UK Coal reports full-year loss

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by Kay Murchie
”Troubled

The UK’s biggest coal producer, UK Coal, has today reported increased losses for the 2009 year due to a fall in production and lower coal prices.

The company said pre-tax losses grew to £129.1 million for the full year, against a loss of £15.6 million the previous year.

Meanwhile, revenues plunged by 20% to £316 million in the period from £392.5 million in the previous year.

The troubled company described 2009 as an “extremely challenging year” and said “geological issues” had “significantly reduced” production at its deep mines.

Total production fell to 7 million tonnes, from 7.9 million tonnes in 2008, however, the company said today it expects output to grow to 7.6 million tonnes this year.

UK Coal runs four deep mines, including Thoresby and Welbeck in Nottinghamshire and Daw Mill and Kellingley in Yorkshire.

In related news, last month British coal miner, Hargreaves Services, said it was in early stage talks over a possible merger with UK Coal.

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