An employee buyout deal to save Kellingley Colliery has been scrapped.
Members of the National Union of Mineworkers (NUM) were working on a deal, which would have seen workers invest £2,000 each to keep the pit open until 2020.
But after meeting UK Coal’s chief operating officer Derek Parkin, the NUM has confirmed to the Express the deal would not raise enough to secure a future for the site.
Keith Hartshorne, NUM delegate at Kellingley, said: “In view of the increasing costs and non-movement of UK Coal we have decided to shelve the idea of an employee buyout.
“We had a credible plan and all UK Coal has done is heap further costs on us and we have been left in a chicken and egg situation.
“We would simply be asking people to invest too much money if we were to press ahead with the buyout and it’s got to the stage now where you have to question if the job is worth the amount of money that would be needed.”
Pit operators UK Coal were working to finalise a £20m ‘managed’ closure, which would see the pit shut by the end of next year.
But Hargreaves Services Plc, who were expected to contribute £5m towards the deal, pulled out last month.
No-one from UK Coal was available for comment when contacted by the Express.