There's more bad news for the coal industry. Yesterday, Bloomberg reported that the biggest American producer of coking coal, Alpha Natural Resources, could file for bankruptcy as soon as Monday. Competitor Walter Energy filed for bankruptcy earlier this month, and several others have done the same this year. Now, two companies are so pressed by ten-year-low coal prices, that they’ve agreed to sell their jointly-owned Australian coking mine for A$1 ($0.73).
Similar Stories to A $600 Million Coal Mine Just Sold For Under $1 on Bing News
Corey Stern, Business Insider
Fri, 07/31/2015 - 11:20am
Topics: yesterday bloomberg american alpha natural resources competitor walter energy coking japan-based sumitomo on thursday brazil-based vale stanmore coal mt july nick jorss stanmore&rsquo managing director join a in sumitomo isaac plains vale stanmore wotonga million production deposit sell prices risk press
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