In June a consortium led by Alchemy Partners, a private equity group, attempted to restart takeover talks with Britain's last big coal mining company. Alchemy was considering an offer for the company but had not been provided with key information: in particular, the value of the group's real estate assets.

Farmer told The Scotsman newspaper he expected to resume talks with UK Coal after joining forces with the Duke of Buccleuch and Alchemy Partners in an effort to win control of the company.

The consortium is expected to require about £200 million ($A477 million) to win a recommendation from the board.

Meanwhile, American billionaire Wilbur Ross disclosed to the stock exchange that he holds 3.74% of UK Coal. Ross first acquired a 1.18% stake in UK Coal on June 28 and had been steadily buying since then.

Ross owns US company International Coal.

The UK Takeover Panel launched an investigation into the circumstances surrounding the purchase after it was uncovered that Ross should have disclosed his stake-building much earlier.