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Alpha Restructures, Closes Eight Mines and Sheds 1,200 Jobs |
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Thursday, 11 October 2012 15:11 |
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On September, 18, 2012, Alpha Natural Resources outlined plans to restructure, saving the company an additional $100 million and idling 16 million tons of capacity. Between now and early 2013 the company will reduce its workforce by 1,200 positions. It currently employs 13,100. Alpha will immediately idle eight mines in Virginia, West Virginia and Pennsylvania, eliminating 400 jobs. The company plans to focus on its metallurgical coal leadership position and establish a durable core of cost-competitive thermal coal assets through a rationalization program.
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Peabody Energy Closes Air Quality Mine |
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Thursday, 11 October 2012 15:10 |
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Peabody Energy has ceased production at the Air Quality mine in Vincennes, Ind., and will permanently close the mine based on soft market conditions that make operations uneconomic. Worker Adjustment and Retraining Notification (WARN) letters were provided to approximately 230 employees, signaling a 60-day period to plan for a job transition. Peabody is working with employees regarding placement opportunities at other Peabody operations. Air Quality produced 1.2 million tons in 2011.
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Booth Energy, River Coal Land Indian Export Agreement |
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Thursday, 11 October 2012 15:10 |
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India’s Abhijeet Group signed a 25-year agreement with Kentucky-based Booth Energy Group and River Trading Co. to import 9 million tons per year in deal valued at $7 billion, according to The Associated Press. The agreement would good news for both groups. U.S. coal miners have struggled with soft market conditions and regulatory attacks and more than 620 million people suffered through a two-day blackout in India due to a strained coal-fired power grid.
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CONSOL Energy Temporarily Idles Some Met Capacity |
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Thursday, 11 October 2012 15:09 |
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CONSOL Energy Inc. announced it will temporarily idle its Buchanan mine in southwestern Virginia. The longwall mine produces metallurgical grade coal used in steelmaking. CONSOL Energy will also idle at least a portion of the Amonate Mining Complex in southern West Virginia. A determination of whether to partially or fully idle is expected soon, along with an effective idling date. Amonate also produces metallurgical grade coal used in steelmaking.
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