Nearly 500 jobs could be saved at Warwickshire's only remaining colliery if an application for a multi-million pound grant is successful.
UK Coal has applied for more than £11m of government money to be invested at Daw Mill Colliery, near Furnace End.
The cash is needed to help access and extract more than 30 million tonnes of coal.
New equipment is required to cut a new coalface to the south of the M6 motorway.
The total cost of the project would exceed £40m, a quarter of which it is hoped will be provided by the Department of Trade and Industry through their Investment Aid scheme.
No date has yet been set for a decision on the applications.
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