MINERS have been forced to shelve plans to buy out one of Yorkshire’s last two deep-coal mines because bosses insist they take on £48 million of company debt.

But the National Union of Mineworkers (NUM) said  yesterday that Labour could still save the pit if it takes power next year and steps in with state aid — as happens in other European countries.

Kellingley colliery is one of Britain’s last three deep coal mines and is run by UK Coal. The company also owns Thoresby colliery in Nottinghamshire. 

The third pit is worker-owned Hatfield in Yorkshire.

Kellingley and Thoresby are threatened with “managed closure” late next year. The government has promised a £10 million loan to assist the managed closure — but nothing to help keep Kellingley open.

The NUM at Kellingley proposed a buyout involving the 700 miners and other workers at the pit each putting in £2,000 and accepting a pay cut of 10 per cent.

But Chris Kitchen, NUM general secretary, said: “Last year Kellingley lost £30-£35m. UK Coal wants the buyout to take on the company’s debts for Kellingley and for Thoresby.”

He said the total of £48m made the Kellingley buyout unviable.

“The previous year Kellingley made £75m profit — but it seems that doesn’t count,” he said.

Mr Kitchen said that every week that a buyout is stalled makes its success harder because no work has started on developing a new production face.

But he said there was still hope for Kellingley. If a Labour government stepped in quickly next year the pit could be saved by granting state aid. 

The aid would be allowed by Brussels as long as the £10m offered by the coalition government to run down and close the pit was a commercial loan, not a grant.

Closure of Kellingley and Thoresby would cost 1,500 jobs at the two pits — and hundreds more in support industries.

Kellingley colliery was the first pit in Europe to turn 1m tons of coal a year. Today it produces more than 2m. Britain imports more than 50m tons of coal annually.