Peabody reduces coal production

Posted June 4, 2015

Peabody

Peabody Energy is holding its reserves in reserve until the market changes.

The US company announced that it is cutting metallurgical coal production at the North Goonyella Mine by 1.524 million tonnes a year.

The deposit is described as high-quality coking coal and production will be reduced until conditions change.

It’ll mean a reduction in workforce of more than 35 per cent when the mine transitions to one shift a day in July.

The moves were designed to lower costs, improve cash flows and increase productivity, the company said.

Peabody is the world’s largest private sector coal company and has customers in more than 25 countries.

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