CONSOL Energy Temporarily Idles Buchanan Mine; Amonate Mining Complex Under Review
PITTSBURGH, Sept. 4, 2012 /PRNewswire/ -- CONSOL Energy Inc. (NYSE: CNX) announced that, effective today, 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.
Global steel demand is under pressure and as a consequence, raw materials used to make steel are in less demand. Through these idlings, CONSOL Energy is responding to weak market conditions throughout its export markets in Asia, Europe, and South America. The idlings are expected to last for 30 to 60 days. Buchanan Mine typically produces approximately 400,000 tons per month, while Amonate produces about 35,000 tons per month. Buchanan Mine has about 620 production and maintenance employees, most of whom will be furloughed. Amonate's workforce is contracted.
The company will continue to monitor market demand and respond accordingly.
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SOURCE CONSOL Energy Inc.