MORE than 400 jobs look secure after a buyer was found for a troubled Doncaster coal mine.
Administrators at Powerfuel Mining have confirmed they have sold Hatfield Colliery to a new Dutch-registered holding company.
The pit, its 393 employees and 11 staff from parent company Powerfuel plc were transferred into a new firm, after Brian Green and Richard Fleming, from KPMG, were appointed as administrators by Powerfuel.
They were called in after bosses at Powerfuel were unable to find cash needed to carry out work at the pit and to fund the development of a clean coal power station next the mine.
The new firm, Hatfield Colliery Ltd, has now been sold to Entero BV, a recently established holding company.
Mr Green said: “The transaction saves hundreds of jobs in an area that has a long tradition of mining employment, and puts the business on a solid footing.” The colliery is being funded by ING Bank and will continue to be run by managers transferred across from Powerfuel Mining with support from Hargreaves Services, which runs Malby colliery.
Powerfuel was put in administration in December.
Talks are still ongoing over the future of the planned clean coal power station. The administrators have named 2Co Energy Ltd as the preferred bidder for Powerfuel Power, the company behind the power station plan.
Powerfuel went into administration after failing to raise £635 million needed to build the clean coal power station and £30 million to upgrade the mine.
Last year, it took £164 million of European Union funding to work on carbon capture and storage technology at the site.
But its board could not raise the rest of the money needed to build the planned £800 million station.
Planning permission for the pioneering green energy power station has already been granted by Doncaster Council.