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Reuters reported that James River Coal Co. (NASDAQ:JRCC) has idled another four mines in Central Appalachia, also temporarily laying off around 200 employees. The move was based on weak coal prices and a desire to conserve cash.
Reuters reported that James River Coal Co. (NASDAQ:JRCC) has idled another four mines in Central Appalachia, also temporarily laying off around 200 employees. The move was based on weak coal prices and a desire to conserve cash.
As quoted in the market news:
Tuesday’s idling brings to seven the number of James River Coal mines shut since September, as U.S. coal miners also struggle with tougher environmental regulations.
James River Coal idled production at three mines in Central Appalachia in September, and last month said about 525 employees, who were put on furlough, will be laid off in the fourth quarter.
Thermal coal prices have been hit as power companies opt for cheaper natural gas to generate electricity, while weak steel demand and excess supplies have weighed on price of steel-making or metallurgical coal.