Anglo American to Stop Production at Peace River Coal Mine

Reuters reported that Anglo American Plc (LSE:AAL) plans to halt production at its Peace River coal mine in British Columbia at the end of this year. Anglo cited weak prices for metallurgical coal as driving its decision.

As quoted in the publication:

The diversified miner said it remains committed to the Peace River mine over the long term and will ensure operations can be quickly restarted when the market improves.

“Significant reductions in operating costs and reduced mining activity have failed to offset the impact of a weakening metallurgical coal price,” Anglo American Chief Executive Seamus French said in a statement.

Click here to read the full Reuters article.