Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Unity Mining are to reopen a coal mining site in Cwmgwrach at which 120 new jobs will be created by early 2008. The mine has been closed since 1998, but is estimated to have reserves of up to 90 million tonnes. The rising amount of imported coal, coupled with global price increases and demand has had the effect of making formerly uneconomic sites commercial again. It is hoped full industrial production will begin in early 2008. The mine's owners said that it will be capable of producing up to one million tonnes of coal a year for the next 25 years. Chairman Gerwyn Williams said that the price of coal had risen by about 40 to 50% over the last six years.
‘Extraction is expensive but given market conditions currently - globally that is and they are mainly due to the increases in the economy of China and India - then coal prices worldwide have increased,’ he said.
Mr Williams also stated that the firm may have to look overseas in the short term to find miners to work at the firm because of a ‘generation’ gap in skilled miners with the decline of the coal industry in the UK. He said recruiting in Poland would be a ‘short tem fix, not a long term answer’. Unity also have four other mine sites in south Wales under development.
Eurofound (2007), Unity Mining, Business expansion in United Kingdom, factsheet number 65672, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65672.
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