Thanks Barry - from the Bellingham Herald:
Coal slump sends mining giant Peabody Energy into bankruptcy
U.S. coal giant Peabody Energy Corp. filed for bankruptcy on Wednesday, the most powerful convulsion yet in an industry that's enduring the worst slump in decades.
The company voluntarily filed petitions under Chapter 11 for the majority of its U.S. entities in the United States Bankruptcy Court for the Eastern District of Missouri, according to a statement dated April 13. All of Peabody's mines and offices are continuing to operate in the ordinary course of business and are expected to continue doing so for the duration of the process, it said.
Founded in 1883 by 24-year-old Francis S. Peabody with $100, a wagon and two mules, the miner is now the largest private-sector coal company in the world, with customers in 25 countries and about 8,000 employees, according to its website. It joins at least four other coal companies that have sought bankruptcy as the industry endures its worst downturn in decades – a result of tougher environmental policies, a flood of cheap natural gas and a global glut of metallurgical coal that's dragged prices for steelmaking component to the lowest in more than 10 years.
Coql used to be dirty but recent requirements for handeling have made it a very clean fuel. It is very energy dense which makes it a perfect choice for power generation. The idea that CO2 is causing any major changes in our climate is laughable. The "tipping point" theory was debunked over 20 years ago and yet, it still lives on in the halls of power as a way to get even richer. Anthropogenic Climate Change is just a tool of the 1% to take even more money. Read your science and follow the money.
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