UK Coal, the country's largest coal-mining business, which has a site in Derbyshire, could be on the verge of collapse if it does not secure fresh investment.
It is understood that UK Coal, which owns a surface mine at Smalley, needs to raise at least £10 million to avoid insolvency and save 2,000 jobs.
The firm, which owns a total of eight pits, said it was in advanced talks with the Government and private investors to raise the cash.
It is believed that one of the investors is Hargreaves Services, which tried to buy the business last year after tabling a bid of £20 million.
UK Coal has been hit by the global market, with falling coal prices on top of a fire which destroyed and subsequently closed one of its mines in Warwickshire.
The strong pound has meant that UK Coal has lost out to cheaper imported coal, especially from the US, where the boom in shale gas has forced American coal miners to find new markets in Europe.
Coal is still an important part of Britain's energy requirement. It accounts for 40% of the energy mix with the vast majority coming from overseas markets such as Colombia, Russia and the US.
UK Coal accounts for 4% of the UK's energy needs.
