^Qwerty^

http://news.ft.com/cms/s/69c23e40-86...0779e2340.html

The last bit is quite interesting. The UK can not currently produce enough coal for the existing power stations and two more deep mines are about to be put on C&M, as soon as the current faces are exhausted.

Imported coal now costs more than what we can mine it for, and indeed I believe that was the case as the Selby pit was wound down to closure two years ago.

I think Richard Budge is playing a very smart hand atm. He currently owns Hatfield colliery, which since the demolition of Thorne colliery by UK Coal, now has access to probably the largest reserves in the UK. Although the pit is currently flooded, at some point with price increases, it may become viable to work it again.

Flatcapdriver

Cue Tory bashers wittering on about Maggie's 'dash for gas' with the benefit of hindsight.

alcazar

iTrader: (2)

Hindsight? Who needed hindsight?

At the time the silly bitch was dashing for gas, the world gas reserves were estimated at 30 years, while the UK coal reserves were estimated at 300 years. it was a no brainer!

The self same government that put us in a position to have to import coal, then wept and wailed about our balance of payments

Alcazar

Flatcapdriver

Strike one. I seem to remember the balance of payments being considerably better then than they are now but don't let objectivity get in the way.

Next.

sti-04!!

At the moment, some of the opencast sites are having to remove 10 tonnes of muck before they get 1 tonne of coal. With the massive increase in fuel over the past 3 years, this just isnt viable.
Money isnt being made with this at the moment & with "Green" people sticking there oar in & trying to stop planning appliciation for new sites, with a better trace of coal, its putting a lot of these companys under massive amounts of financial pressure.