(An operator runs a drag line through Coal Creek Mine, owned by Arch Coal, on September 27, 2018. Photo courtesy of Sherry Bertoncelj.)
Peabody Energy, who operates the North Antelope Rochelle Mine (NARM), posted a net income attributable to common stockholders of $79.8 million in the third quarter this year, down from $230 million in in the third quarter 2017.
In the third quarter this year, the company sold 31.7 million tons from its North Antelope mine, down from 33.7 million tons the same quarter last year. Peabody sold a total of 49.1 million tons from all its operations this past quarter.
In its quarterly earning presentation, the company noted continuing seaborne thermal and metallurgical coal shipments. India and China are seeing significant increases in demand as coal-fired electrical generation and steel production increase.
Meanwhile, U.S. coal stockpiles are at their lowest level as production decreases at a rate faster than decreasing domestic demand.
The company’s fourth-quarter priorities are focused on addressing issues related to a fire in part of its North Goonyella mine in Australia. It’s also completing its acquisition of a mine in Alabama, a metallurgical coal mine that offers better access to export terminals.
For domestic sales in the fourth quarter, the company is aiming to contracting its volumes, if margins are profitable.
Peabody’s NARM mine is 65 miles south of Gillette. It is the largest coal mine in the world, employing 1200 people. Peabody also operates the Rawhide and Caballo Mines, which employ about 270 people combined.
