Posted on 04/14/2016 7:31:52 AM PDT by george76
Bowie Resources Partners’ purchase of Peabody Energy Corp.‘s Twentymile Mine in Routt County has fallen through, and Peabody has filed for Chapter 11 bankruptcy reorganization.
Peabody, the world’s largest privately owned producer of coal, joins other major coal companies including Arch Coal, owner of the West Elk Mine in the North Fork Valley, in going bankrupt. Arch Coal also is in Chapter 11 reorganization.
Bowie, owner of the Bowie No. 2 Mine near Paonia, had agreed to buy Twentymile and two mine properties in New Mexico for $358 million. But Peabody previously had said Bowie was still trying to find financing to complete the deal. Peabody said in a news release Wednesday it terminated the deal “after the buyer was unable to complete the transaction.”
Bowie also has been having troubles of its own, recently announcing the idling of Bowie No. 2 due to what it called “continued market deterioration.”
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Twentymile last year was Colorado’s second-most productive coal mine, behind the West Elk Mine. It employs 285 miners.
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The industry has faced challenges ranging from regulatory crackdowns ... On Tuesday, Janice Schneider, assistant secretary for land and minerals management for the Interior Department, visited Twentymile. It was part of a northwest Colorado tour that on Wednesday included the Trapper Mine, near Craig, which currently is undergoing an environmental review by an Interior agency.
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Coal currently fuels approximately 40 percent of global electricity and is expected to be an essential source of global electricity generation and steel making for many decades to come
(Excerpt) Read more at gjsentinel.com ...
We forget burning coal releases a lot of really unhealthy pollutants into the atmosphere along with a lot of CO2. That explains China's $400 billion, 30-year deal with Russia to import natural gas from eastern Siberia.
I once toured the West Elk Mine, it is massive. Also very well managed, modern, and productive - sending coal to power plants across the nation to provide electricity for powering homes, businesses, and recharging Priuses.
It’s a shame none of the miners or others who understand the role coal plays in our energy economy were allowed to cast a vote for the only pro-coal presidential candidate, Donald J. Trump.
Better stay in hiding, Steve House. Mines are lonely dark places.
I think the bigger factor is the fed shutting down a lot of coal fire power plants, reducing demand for coal even more.
Another OBAMA success story. Miners now out of work.
There are several good isolated coal fields in the area far away from natural gas sources. Power plants were built in isolated areas to take advantage of the coal.
Bill Clinton turned others into new isolated “National Monuments” to keep power plants out of the area.
Bill also got large kickbacks from the Riady Group and Communist China in trade.
If coal, with the scrubbers and all the pollution control equipment, still police, then why not face it out? Why the mad rush to close all the cold plants before their life cycle has ended? Recipe for economic waste. It only makes sense when you consider there are crony capitalists standing by, and or relatives of politicians, who have opened up phony green energy companies to profit. Greenhouse gases? If that were real, algore or would be living in a modest house and flying commercial.
Interestingly, the newer coal-fired power plants that still use low-sulfur Powder River Basin coal are still going. But those power plants that use high-sulfur coal—many of which are several decades old—are starting to shut down, especially now with cheap natural gas (natural gas-fired power plants are going up everywhere).
0bama told us back in 2008 that he intended to destroy the coal industry. He has used the armed force of Big Government, embodied in the EPA, to implement his deliberate destruction.
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