Thu, 06 Dec 2012 | ADMINISTRATION
A major opencast coal mining company in Scotland has entered administration.
ATH Resources, the holding company for operators across Fife, Dumfries and Galloway and Ayrshire, was forced out of business this week (Wednesday, 5 December).
It is thought that pressure on Scotland's coal industry as a whole was largely responsible as cheaper imported coal pushed prices down.
A statement from the company read: “The Directors of ATH Resources plc one of the UK's largest coal producers, announce that its lender, BECAP Capital Coal Limited has today demanded repayment of the Group's facilities, in full, with immediate effect.
"The company cannot satisfy the full repayment of the facility and consequently, the lender has today appointed administrators to ATH Resources plc under powers contained in the security held by it."
ATH Resources had deferred its plans to expand an opencast coalmine in the south of the country in May of this year. The international decline in coal prices was blamed for the deferral of the expansion plans at the Glenmuchloch facility, which had already received the backing of Dumfries and Galloway Council. The situation was set to be reviewed by the board by the end of the year but the administration has put a halt to this.
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