Arch speeding up work to get rid of Wyoming coal mines
26 Oct 2020
GILLETTE — Arch Resources is accelerating its efforts to divest itself of its Powder River Basin coal mines as it expects to produce about 27% less coal this year than in 2019 and plans to wind down its Wyoming operations by an additional 50% over the next two to three years.
The company lost more than $191 million in the third quarter of 2020, compared to being in the black about $106 million in the same quarter last year, Arch reported Thursday morning. Arch also took a write-down of its legacy thermal coal operations of about $163 million in the quarter, similar to the $1.42 billion write-down Peabody Energy took on its North Antelope Rochelle mine earlier this year.
Arch also announced that after the demise of a proposed joint venture with Peabody, which would have combined the companies’ Western coal assets under a single operator, it is steering away from thermal coal. That could include selling its Powder River Basin mines in Campbell County, Black Thunder and Coal Creek.
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