Prospects for pit improving

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Maltby colliery’s prospects could improve significantly, according to parent group Hargreaves Services.

Hargreaves, which specialises in supplying, moving and managing mineral resources, says the Rotherham pit continued to under-perform in the six months to the end of November, due in part to poor coal yields from a thin coal section.

Although that is likely to have an impact on performance for the full year, Hargreaves says that production should improve as Maltby begins to work a thicker seam, closer to the pit bottom.

Group revenue increased by £68.9 million from £253.9 million to £322.8 million, mainly thanks to higher commodity prices and higher shipments of coal to power stations.

However, underlying operating profit decreased by £2.0 million to £18.9 million due to a scheduled face change and the lower coal yields from Maltby.

Reported profit before tax decreased by 16.1 per cent from £16.1m to £13.6m.