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Wyoming coal producer Cloud Peak files for bankruptcy

December 31, 2020 | By admin | No Comments | Filed in: mtxrtiwaj.

first_img FacebookTwitterLinkedInEmailPrint分享Casper Star Tribune:Cloud Peak Energy, the coal giant that operates two Wyoming mines, filed for bankruptcy Friday amid mounting debt and declining demand.The filing follows months of troubling signs for the Powder River Basin operator, which for a time avoided the economic difficulties of its competitors but had of late experienced growing financial challenges as the market for its product diminished.The company’s filing indicated it had, as of the end of the year, nearly $929 million in assets and almost $635 million in total debts.In its announcement, the company said its mining operations would continue as normal as it moves through the bankruptcy process. But the filing represents the latest concerning episode for coal, which has been one of the main drivers of the state’s economy, along with oil and natural gas.Cloud Peak owns three Powder River Basin mines: the Antelope and Cordero Rojo in Wyoming and Spring Creek in Montana. The mines shipped 50 million tons of coal in 2018. Cloud Peak is Wyoming’s third-largest coal producer, and its mines represent 20 percent of the state’s coal miners in the Powder River Basin.Cloud Peak is the fourth major coal producer in Wyoming, the top coal-mining state, to file for bankruptcy in recent years. Bristol, Tennessee-based Alpha Natural Resources filed for bankruptcy in 2015, followed by top-producing Peabody Energy and Arch Coal in 2016. Westmoreland Coal, which operates the Kemmerer Mine in southwest Wyoming, filed for bankruptcy in October.More: Wyoming coal giant Cloud Peak files for bankruptcy Wyoming coal producer Cloud Peak files for bankruptcylast_img read more

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