Tuesday 3 June 2014

UK Coal boss resigns

The boss of mining business UK Coal has resigned ahead of the company’s managed closure after it went into administration.

Chief Executive Officer Kevin McCullough joined the coal firm 18 months ago from his role as Chief Operating Officer at npower.

Last year Mr McCullough told audiences at Energy Live 2013 the UK should make better use of its "national treasure", coal, so it didn't rely on imports.

The country relies on coal for as much as 40% of its power generation.

However UK Coal has struggled with low coal prices and things worsened after a huge fire ravaged its mine at Daw Mill last year.

It is in the final stages of agreeing a deal for a managed run down of its last two functioning deep mines.

A spokesman for UK Coal said this deal represents the “best possible option” to preserve jobs over the next 18 months.

They said: “It is essential it is completed swiftly. Once the deal is complete, there will be various changes at all levels in the company and it is right that those changes should start at the top.

“On behalf of the Board and all of my colleagues, I would like to thank Kevin for his support, professionalism and hard work throughout this difficult period”.