The troubled Harworth coal mine, near Doncaster, has been granted a reprieve.
Speculation had been growing for months about the future of the site after it recorded multi-million pound losses.
However UK Coal announced on Thursday it has accepted a new business plan put together by management and workers.
UK Coal spokesman Stuart Oliver said Harworth's long-term future would be further assessed next year.
"There are one of two things on the horizon, we've got to check upon, like the geology in a new area of the mine being confirmed by seismic survey results which are due in April.
"But certainly the progress which Harworth has made in recent weeks and months has been very impressive and we are very supportive of that plan."