News From Terre Haute, Indiana

Business

September 5, 2012

Peabody closing 230-worker Indiana coal mine

VINCENNES, Ind. — 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 employs about 230 workers and produced 1.2 million tons of coal last year.

Peabody said today 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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