7 September 2006
It seems coal is making a comeback with mining company UK Coal announcing its first profits in the last six years.
UK Coal has announced it has recorded pre-tax profits of £7 million in the first six months of 2006, which is a marked improvement on the same period for the previous year when it lost £30.5 million.
Company chairman David Jones said the change in the company's fortunes was down to soaring gas prices.
He commented: "We now have a mining business...that is capable of profitability even at current contracted prices which are significantly below market levels.
UK Coal is believed to be planning a company reshuffle which would see some mines closed while its headquarters are reorganised.
Mr Jones added that the current contracts would be up for renewal in 18 months and that the new ones will be "based on the much higher current open market prices".
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