RJB Mining plc

HC Deb 03 July 1996 vol 280 cc458-9W

Mr. Merchant

To ask the President of the Board of Trade if he will make a statement regarding sums owed to his Department by RJB Mining plc in respect of its acquisition of mining assets of the British Coal Corporation. [35746]

Mr. Page

It was agreed at the time of the sale to RJB Mining that my Department would receive £116.7 million of the sale price of £815.3 million in the form of deferred payments up to December 1997. My Department received this initial deferred consideration instalment of £12.2 million, plus interest, last January.

The company has now repaid early the entire remaining deferred consideration, which amounts to some £117 million including interest. I welcome this demonstration of the industry's success in the private sector.