UK Coal has finally confirmed that it has secured funding to close Thoresby Colliery in the summer of next year.
The deal includes a commercial loan of £4m from the Government as well as support from other partners, which will allow the company to safely close Kellingley Colliery in South Yorkshire as well.
Andrew Mackintosh, communications director, stated “This is a day of very mixed emotions, but it was critical that we managed to avoid insolvency and the immediate collapse of the business. We are very grateful for the support we have been given and this deal does not prevent fresh investment in the company, even at this late stage.
“We would like to thank the Government, our people, our customers, suppliers and other interested parties for all of their support and will work with them to ensure a smooth transition in the coming months.”
Almost 200 jobs are thought to have been lost already with the rest - between 300 and 400 - expected to be gone by July.
UK Coal announced earlier this year that they needed tens of millions of pounds to stave off insolvency, after denying they were in trouble.
Since then union officials have battled to put together a package to save the pit, which is the last deep mine left in Nottinghamshire.
UK Coal blamed the continuously low coal price over recent years, thanks in part to the success of fracking in the US.
Combined with the strong pound against the dollar, they say it has made it impossible to remain.
Under current plans, around 1,400 employees in total across Thoresby and Kellingley will leave the business over an 18-month period.