UK Coal hopes 40 million tonnes of coal will be available at the site which could be one of the biggest pits in Europe.

The mine, which ceased production in September 2006, would be bigger than Daw Mill in the West Midlands, which is the country's biggest coal producer.

Bassetlaw MP John Mann said he is delighted to hear UK Coal's announcement.

"Harworth without a pit has been difficult to get used to, so I am delighted that UK Coal are now re-considering," said Mr Mann.

"This is great news for the village and local business. I saw Malcolm Wicks, the Energy Minister two weeks ago on this very issue and if UK Coal needs any assistance I am very willing to offer my help."

President of the Union of Democratic Mineworkers (UDM) Neil Greatrex has also welcomed the news.

"If Harworth reopens it could provide job security for up to 500 miners who risk losing their jobs when reserves at Welbeck Colliery run out in 2010.

"The UDM pressed this point home at a meeting with the Energy Minister Malcolm Wicks earlier this month when we called on Government to support plans for Harworth."

The pit is expected to reopen later this year, with production looking to start in around three years time.