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Project Facts Update – Part 2

Coal for Steel

Coal for Steel

Providing a responsibly mined, high quality, critical raw material to the UK and European steel industry

WCM Sustainability Fund

WCM Sustainability Fund

Our commitment to carbon offsetting is a core part of our Corporate Social Responsibility policy forming a key element of our Sustainability Fund.

Find out more

21 September, 2020
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Following on from our Project Facts Update last week, as indicated we are now sharing the second in our series of factsheets: this week’s relating to Project Economics.

The factsheets demonstrate that not only will WCM’s project deliver significant employment to the community in which the project sits but will also provide a significant financial boost for the local economy and the wider UK economy.

The project is entirely privately funded, with no Government or taxpayer funding involved and meets the UK Government’s desire to build back Britain post COVID-19. The project intends to export a significant proportion of the mined product into Europe, which will assist overall UK GDP.

With the mine having an annual projected revenue of around £300m, multi-million pounds of taxes (as a UK company WCM will pay all UK taxes due) will be paid to the UK Government annually.

  • Key supporting information includes:
  • The UK economy is in recession (negative inflation)
  • Gross Domestic Product (GDP) is defined as household spending + investment + government spending + net exports
  • In 2019 UK GDP was £2.2 trillion (£2,221 billion)
  • In Q2 of 2020 GDP shrank by more than 20%
  • This is the largest recession (GDP drop) on record
  • This has also resulted in a major reduction in business investments across the UK
  • The UK imports more than it exports, meaning that it runs a trade deficit
  • The overall trade deficit was £24 billion in 2019
  • Covid-19 has had a major impact on exports in 2020 (-14%)
  • Each year of WCM operations would equate to more than 1% (2019 benchmark) of the UK balance of trade deficit
  • In-country manufacturing and export growth is crucial for the UK economic recovery

To download a copy of WCM’s Project Facts Update – Part 2, please click here

We will issue Part 3 (Local Benefits) next week.

Coal for Steel

Coal for Steel

Providing a responsibly mined, high quality, critical raw material to the UK and European steel industry

WCM Sustainability Fund

WCM Sustainability Fund

Our commitment to carbon offsetting is a core part of our Corporate Social Responsibility policy forming a key element of our Sustainability Fund.

Find out more