Longwall Mining at CONSOL’s Buchanan Mine Idled

CONSOL Mining Inc. (NYSE:CNX) announced that its Virginia Buchanan Mine longwall mining unit will be idled due to increased inventories and decreased international demand for its metallurgical coal. Its continuous mining operating schedule will be reduced to five days a week.

As quoted in the press release:

It is not known how long the Buchanan longwall mining operations will be idled, however CONSOL Energy expects production to be reduced by approximately 295,000 tons per month on this reduced schedule.

CONSOL Energy is updating its sales guidance for the first quarter ended March 31, 2012 as follows: Low-Vol and High-Vol Met coal sales remain approximately 1.0 million tons each; thermal coal sales are expected to be a few hundred thousand tons below its prior guidance of 13.2 million tons.  CONSOL Energy will update its full year production and sales guidance for 2012 at a later date.

Click here to read the full CONSOL Mining Inc. (NYSE:CNX) press release.