Tower Colliery Planning Decision

RNS Number : 7765K

Hargreaves Services PLC

21 July 2011

 



For immediate release

21 July 2011

HARGREAVES SERVICES PLC 

(the "Group" or "Hargreaves")

Tower Colliery Planning Decision

Hargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, is pleased to announce that Rhondda Cynon Taf ("RCT") Borough Council has resolved to grant planning permission for the Tower Colliery project, subject to certain conditions.

Following the delays in obtaining the planning approval, the Group expects production activities to commence shortly after the final conditions associated with the grant of planning permission have been satisfied.

The Group can also confirm that it has entered into contractual discussions with the boards of Tower Regeneration Limited and Tower Colliery Limited to explore the possibility of Hargreaves Services plc taking on responsibility for the operation of the site. If such a contract is concluded, it will be constructed on a cost-plus arrangement.

Despite the delays in obtaining planning, the existing infrastructure on the site should allow for a rapid commencement of operations.

Engagement will now take place with the RCT Council to finalise a Section 106 agreement. This agreement will formalise key conditions associated with the planning application. An analyst briefing will be arranged as soon as this has been further progressed.

For further details:

Hargreaves Services Gordon Banham, CEO Iain Cockburn, Finance Director	0191 373 4485
Buchanan Tim Anderson James Strong Catherine Breen	0207 466 5000
Brewin Dolphin Matt Davis	0845 213 1000
RBS Hoare Govett Limited Stephen Bowler	0207 678 8000

 

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