ST. LOUIS, June 3, 2015 /PRNewswire/ -- Peabody Energy
(NYSE: BTU) announced today that it is reducing metallurgical coal
production by approximately 1.5 million tons per year from its
North Goonyella Mine in Queensland,
Australia.
The modified production plan is designed to lower costs, improve
cash flows and increase productivity, while preserving high-quality
hard-coking coal reserves for sales when markets improve.
Over the next month, the mine is expected to transition to one
production shift per day, with associated employee and contractor
reductions of 35 to 40 percent.
Peabody expects production at the mine to decline to
approximately 2.3 million tons this year from originally projected
2015 production levels of 3.0 million tons. Peabody continues
to meet customer commitments in the current environment with
reduced production levels in line with contracted sales.
The initiative is one of a range of measures the company is
taking to improve the business across four key areas of management
emphasis: operational, SG&A, financial and portfolio.
Peabody Energy is the world's largest private-sector coal
company and a global leader in sustainable mining, energy access
and clean coal solutions. The company serves metallurgical
and thermal coal customers in more than 25 countries on six
continents. For further information, visit PeabodyEnergy.com
and AdvancedEnergyForLife.com.
CONTACT:
Vic Svec
(314) 342-7768
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SOURCE Peabody Energy