September 15, 2019

SO MUCH WINNING!:

Idle mines portend dark days for top US coal region (MEAD GRUVER, 9/15/19, AP) 

At two of the world's biggest coal mines, the finances got so bad that their owner couldn't even get toilet paper on credit.

Warehouse technician Melissa Worden divvied up what remained of the last case, giving four rolls to each mine and two to the mine supply facility where she worked.

Days later, things got worse.

Mine owner Blackjewel LLC filed for Chapter 11 bankruptcy protection on July 1. Worden at first figured the accounts would get settled quickly and vendors of everything from copy paper to parts for house-sized dump trucks would soon be back to doing normal business with the mines.

"The consensus was: In 30 days, we'll look back on this, and we made it through, and we'll be up and running, and it's a fresh start," she said.

What happened instead has shaken the top coal-producing region in the United States like a charge of mining explosive. Blackjewel furloughed most of its Wyoming employees and shut down Eagle Butte and Belle Ayr mines, the first idled by hardship since coal mining in the Powder River Basin exploded in the 1970s.
 [...]

The turmoil comes as U.S. coal production is down over 30% since peaking in 2008. Utilities are retiring aging coal-fired power plants and switching to solar, wind and cheaper and cleaner-burning natural gas to generate electricity despite President Donald Trump's efforts to prop up the coal industry.

A decade ago, about half of U.S. electricity came from coal-fired power. Now it's below 30%, a shift that heavy equipment operator Rory Wallet saw as utilities became less willing to lock in multiyear contracts for Belle Ayr mine's coal.

"The market's changed," Wallet said. "The bankruptcies all tie into that."

And you need that toilet paper to clean up after Trumponomics.

Posted by at September 15, 2019 8:17 AM

  

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