Until recently, Cotgrave was the site of a modern coal mine.

Princess Margaret visited the site in 1954 to dig the first spadeful of earth. Shaft sinking began in 1956 and was completed by 1960. The two shafts reached depths of 586m and 531m. Coal production began in 1964 and by 1968/69 a million tons a year were being produced.

The dramatic effect the mine had on the village can be seen from the census figures giving a population of only 703 in 1951 but by 1981 this had risen to 7201. Although miners brought into Cotgrave were promised 'jobs for life' the pit closed in 1994.