This chapter traces the history of Hullera Vasco-Leonesa, one of the longest-standing mining companies in Spain’s coal sector, from its foundation in the late nineteenth century to well into the twentieth century. It analyses how the company established itself in the León mining basin, contributing to the economic and industrial development of the region. The text addresses its corporate structure, the working conditions of miners, and its relations with the state within the framework of a strategic and heavily subsidized industry. It also examines its ability to adapt to technological, energy, and political changes, as well as its resilience in the face of recurring coal crises. Through the case of Hullera Vasco-Leonesa, this chapter offers a representative view of the rise, transformation, and progressive decline of coal mining in Spain.