Mon, 13 Jul 2015 | BUSINESS SALE
A mining business in Ayrshire, Scotland, owned by the Kier Group, is up for sale as part of Kier's “ongoing approach to capital discipline”.
The company posted a stock market announcement explaining the Greenburn mine near New Cumnock, a flagship opencast mine, has been prepared for sale and discussions are ongoing with a potential buyer.
A total of 6.5 million tonnes of coal has been extracted from the mine since 2004 and permission has already been granted for another 1.5 million tonnes. It is heralded as something of a showpiece due to Kier's good management of the site and the fact that the company has already restored or backfilled some 470 acres on the site.
A spokesperson for the Scottish Government noted that the mine is an important economic contributor, but also observed that it is important that surface mines like Greenburn are “appropriately restored”, indicating that the government will be keen for Kier's successor to maintain the good work.
The spokesperson added: “It is therefore essential that any potential buyer of the Greenburn site provides financial assurance that all associated restoration obligations will be fully implemented.”
Kier is the fourth-largest construction company in the UK. The firm recently completed the acquisition of infrastructure consultant Mouchel for £265 million, which has helped deliver ongoing organic growth and boosted its total order book to £9.3 billion as of 31 May 2015.
There has not been any indication of the estimated sale price of Greenburn mine as yet.
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