IBJNews

  • Home

Peabody to close Indiana mine with 230 workers

 IBJ Staff and Bloomberg News
September 5, 2012
Keywords
Employees
Back to TopCommentsE-mailPrint

Peabody Energy Corp. will permanently close its Air Quality Mine in southwest Indiana because of “soft” conditions that make operations "uneconomic," the company said Wednesday in a prepared statement.

The closure of the Vincennes mine will affect 230 workers, the St. Louis-based company said.

“Peabody is working with employees regarding placement opportunities at other Peabody operations,” the company said. The company has 10 other mining operations in Illinois and Indiana.

Peabody said it expects to incur a one-time charge of $75 million in the third quarter related to the writedown of assets.

The mine produced 1.2 million tons of low-sulfur coal in 2011, according to the statement. The mine supplies power plants and industrial customers in Indiana and Illinois, according to the company’s website.
 

ADVERTISEMENT

  • The need to learn business and profits
    MuddSeptember 5, 2012 10:14 PM
    @reddogq Thank you Obama? Time to learn a little about capitalism, worldwide demands for coal, and reading 10Qs and Ks. It's not just regulation on coal and the power providers. U.S. demand is down due to lower demand because of adverse weather conditions, large stock of coal not burned last winter, and increasing competition from natural gas as an alternate fuel. U.S. power plant operators are retiring coal-generation capacity from their production portfolios because of cheap natural gas. BTU is reacting by redirecting capital to their Australian mines because of Asian demand. BTU is "permanently" closing the mine because the operations are uneconomical, but they are not selling off the asset. When it becomes economical again, they will probably open it up again.
    Reply to CommentFlag Comment
  • I agree
    StephanieSeptember 5, 2012 1:39 PM
    Thanks Lisa Jackson. We are all breathing easier now.
    Reply to CommentFlag Comment
  • Peabody
    reddogqSeptember 5, 2012 1:33 PM
    Thank you Mr Obama sir....may I have one more?
    Reply to CommentFlag Comment

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    ADVANCED SEARCH
    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ

    1. "And the success of the Indiana GOP to not allow an expansion of Medicaid had nothing to do with Indiana hospitals' financial woes? Fixed that for you; editorial bias rebalanced. Seriously, there are so many things wrong with Obamacare that the only way one can view it as a success is to assume that it was designed to fail our way into a government single payor healthcare system. The system is complex, creates huge regulatory burdens and overhead and yet still does not have adequate means to control escalating health care costs. But then when you elect a 10th grade math drop out with no quantitative reasoning skills to be President of one of the world's most important economies in troubled times, you can't really be surprised by blatant stupidity.

    2. No NIMBYs here to chase off a decent development. We don't need tons of parking and we'd happily play the role of host to a downtown Whole Foods.

    3. Whatever you do, don't change a single thing about Broad Ripple. I want it to look just like it did in the late '70s, with 30% of the north side of Broad Ripple Avenue burned out and plenty of places to park. That's right Broad Ripple, NEVER CHANGE. Let the world pass you by, don't improve your empty, abandoned lots full of weeds. Someday someone will want to film a zombie movie here.

    4. Hollywood could step in and make a movie about the history about this forlorn series. It could be a full celebrity cast of characters. WOW. http://www.advanceindiana.blogspot.com/2013/02/indiana-taxpayers-forced-to-pay-for.html

    5. This shouldn't come as a shock to many. Austin is a great city, and Indy needs to take some notes. Austin invests in decent transit options, has a highly educated workforce, embraces a creative class, and --despite being the state capital-- is not micromanaged by rural and suburban legislators. Want Indy to grow? Invest in the city (i.e. spend money). Raise taxes a bit, and use the money to improve education. And keep the state legislature out of Indy the other 9 months of the year.

    ADVERTISEMENT