Mining firm Hargreaves Services issues profit warning

Hargreaves Services bought the mine in 2007

Mining and transport group Hargreaves Services has issued a profit warning after being forced to abandon a new block of coal at its Maltby Colliery in South Yorkshire.

It said it made the decision on safety grounds because of high levels of water, oil and gas.

Hargreaves said that as a result its annual profits would be between £12m and £16m below its previous forecasts.

It added that it was "bitterly disappointed".

Hargreaves Services bought Maltby Colliery in February 2007.