Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Wales Online reports mining at the historic Tower Colliery in Wales could begin again as soon as Christmas after a £30m scheme to regenerate the site was given the green light by councillors of the nearby town of Rhondda Cynon Taf earlier in the week.
Tower Colliery was the oldest continuously worked pit coal mine in the United Kingdom at the time of its closure by British Coal in 1994 with a history dating back to at least 1805. It was bought out by the laid off miners and re-opened the next year before finally shutting down in 2008.
Wales Online reports the site will be turned into a huge opencast mine to excavate around six million tonnes of anthracite.
BBC reports after British Coal closed the mine in 1994 Tower Colliery was bought by 239 miners, who pooled their £8,000 redundancy money to raise £2m, a year after it was closed down.
