ATH in administration

[nick lamb]

well put Phil.
A girl in our local pub went off to look into UK Coals books in July this year.She works for an accounting firm that goes to look at failing business.

[tctractors]

This Sunday, 11 TR100 Terex Dumpers (Mine Cars) Ex UK Coal were poked on board the big boat at Southamton Docks, there cannot be many now left in the U.K. as the man who bought these dumpers from the Lease Co' has bought over a 100 from this rock to send abroard.

[Mikeyk01]

It was my understanding that the open cast side of uk coal has been profitable and that uk coals problems came from pouring good money after bad down the shaft at daw mill. Uk coal bet everything on daw mill and it hasn't paid off. Admittedly if the gamble had worked they would have been back on track in a few years.

5,10,15 years down the line when the price of energy has shot up, coal mining will make a proper return in this country, make no mistake. The same way certain oil fields 5-10years ago were not profitable at $15 dollars a barrel are now doing very nicely indeed.

[nick lamb]

It was my understanding that the open cast side of uk coal has been profitable and that uk coals problems came from pouring good money after bad down the shaft at daw mill. Uk coal bet everything on daw mill and it hasn't paid off. Admittedly if the gamble had worked they would have been back on track in a few years.

5,10,15 years down the line when the price of energy has shot up, coal mining will make a proper return in this country, make no mistake. The same way certain oil fields 5-10years ago were not profitable at $15 dollars a barrel are now doing very nicely indeed.

A fair opinion Mikey that i'm inclined to agree with.
Since this thread ran initially Scottish Coal have gone too.I hear Castlbridge owner is kind of retired and his son isn't really looking for the stress so that may of contibuted to their demise.UK coal are a step closser to going bust.The fire in Daw Mill deep mine is eating into cash flow, yet other sites remain in profit.

[argie]

Apparently the Hargreaves group has emerged as the potential buyer for parts of Scottish Coal. Already operating in the opencast sector with the old Tower Colliery site they have recently raised funds to put them in a financially viable position to buy into the market.
One has to wonder if there is a future in UK coal production with so many company's struggling with fuel costs, labour costs, overburden to coal ratios and the wholesale price itself. If there is a viable future and Hargreaves must be sure there is with the investment mooted to be in the region of £50 million, why can't the companies already in, operating these mines, make a profit and carry on producing without the upset and hassle caused to staff, suppliers and power generators?

Paul

[Ian Fletcher1970]

http://www.agg-net.com/news/hargreaves-to-acquire-scottish-coal-assets?utm_source=Agg-Net+Newsletters&utm_campaign=ddd86e173d-Agg_Net_Newsletter_16_May_20135_13_2013&utm_medium=email&utm_term=0_f2dd553f9a-ddd86e173d-273617481

http://www.agg-net.com/news/hargreaves-acquire-ath-assets-from-aardvark?utm_source=Agg-Net+Newsletters&utm_campaign=ddd86e173d-Agg_Net_Newsletter_16_May_20135_13_2013&utm_medium=email&utm_term=0_f2dd553f9a-ddd86e173d-273617481

Good News

[IBH]

The full, official regulatory announcement can be found here:
http://hsprod.investis.com/ir/hsp/news_xml.jsp?item=1508983072358950

Given the circumstances, this seems to be the best possible outcome.