Hargreaves Services – 730.5p

7 November 2012 – Maltby Colliery

It has been announced that in the opinion of the Board of Maltby Colliery Limited the T125 panel at the mine is not viable on health & safety, geological, and financial grounds.  As a result of this it has been proposed that T125 will not be mined and that the mine will be mothballed.  Alternative proposals can still be put forward by the end of the month but the uncertainty relating to this issue is now clearing.  We continue to believe that there is strong recovery potential and rate the shares as a BUY.

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