Peabody to Restart Metropolitan Coal Mine Today

Reuters reported that on Sunday, Peabody Energy Corp. (NYSE:BTU) temporarily shut down its Queensland, Australia-based Metropolitan coal mine, pre-empting a planned strike regarding a new employment contract. The company said it would re-open the mine today.

As quoted in the market news:

Wages were a big sticking point in reaching a new employment agreement, according to the labour union involved.

‘Mineworkers just want to see this dispute resolved and they’ve demonstrated this by making numerous concessions during negotiations … Members have agreed to pay freezes in the next 12 months,’ Bob Timbs, a spokesman for the Construction, Forestry, Mining and Energy Union, said in a statement.

Click here to read the full Reuters report.