Peabody Energy Reduces Met Coal Production at Burton, Australia

Peabody Energy (NYSE:BTU) announced that it will reduce its metallurgical coal production at its Burton Mine, located in Queensland, Australia. According to Steel Guru, the miner will bring down production by roughly 1.5 million tonnes per year.

As quoted in the publication:

The Burton Mine is Peabody’s highest unit-cost operation, and production levels are not sustainable in the current market environment. Following negotiations with the contractor operator, production levels are expected to be reduced to approximately 1 million tonne per year, as the operation targets lower-cost reserves using reduced fleets of equipment.

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