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US Cloud Peak files for bankruptcy

Coal News - Published on Tue, 21 May 2019

Image Source: Casper Star-Tribune
Mayfield Recorder reported that Cloud Peak, US’s third-largest coal company by production volume filed for bankruptcy Friday as utility firms increasingly turn to gas-fired production and renewable energy for electricity. The movement was widely expected since March, when the firm acquired the first of several extensions to create an USD 1.8 million loan payment.

Cloud Peak owns and operates three mines in the Powder River Basin: the Antelope and Cordero Rojo plantations in Wyoming and the Spring Creek Mine in Montana. The mines sent 50 million tonnes of coal at 2018. Cloud Peak officials say the mines will stay in operation.

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Posted By : Rabi Wangkhem on Tue, 21 May 2019
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