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Peabody closing 230-worker coal mine
Updated: Wednesday, 05 Sep 2012, 11:56 AM EDT
Published : Wednesday, 05 Sep 2012, 11:56 AM EDT
VINCENNES, Ind. (AP) — Peabody Energy Corp. says it has stopped production at a southwestern Indiana coal mine and will permanently close it.
The St. Louis-based company is blaming continued weak market conditions for the decision to close the underground mine near Vincennes. The mine about 230 workers and produced 1.2 million tons of coal last year.
Peabody said Wednesday it was working with employees to possibly place them at other Peabody operations. The company has other coal mines in Daviess, Gibson and Sullivan counties in southwestern Indiana.
Peabody says it expects to incur an after-tax charge of about $75 million this quarter, mainly related to a write down in the value of the mine's assets.
Coal companies have struggled this year as utilities switched from coal to cheap natural gas for electricity generation.
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