Alpha Shutting Eight Coal Mines

Bloomberg reported that Alpha Natural Resources (NYSE:ANR) is closing eight US coal mines as consumers switch to alternative energy.

As quoted in the market news:

Operations will end at eight mines in the state, including four owned by affiliates and four contract facilities, and production will be cut at others, Bristol, Virginia-based Alpha said today in a statement. The moves will reduce thermal-coal shipments by 2 million tons this year and 4 million tons in 2013.

Click here to read the full Bloomberg report.