Peabody Energy today said it 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.
Peabody expects to incur a one-time, non-cash charge estimated at $75 million
after tax in the quarter ending Sept. 30, 2012, primarily related to the
writedown of assets, which will be recorded within discontinued operations.
Peabody's prior third quarter 2012 targets remain unchanged, as they exclude
discontinued operations.
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