Friday July 20, 12:36 pm Eastern Time
Consol Energy to idle coal mine, lay off 110 people
biz.yahoo.com
NEW YORK, July 20 (Reuters) - Consol Energy (NYSE:CNX - news) , one of the nation's largest coal miners, said Friday it would idle its Loveridge Mine in West Virginia and lay off about half the work force, or about 110 people.
The other 110 workers will remain at the mine to maintain infrastructure and to construct seals for previously mined areas. The mine reopened in July 2000 after being sealed for a year following a fire. Earlier this year, it produced about 1.1 million tons of coal from a long wall system. The system has been removed and will be installed at the Robinson Run Mine, also in West Virginia.
``Although the demand for coal currently is strong, it requires a number of months to prepare a new section for mining. Before we make that investment, we want to carefully evaluate the long-term market prospects,'' said Thomas Hoffman, vice president of investor and public relations with Consol.
Shares of Consol fell $2.99, or 13.36 percent, to $19.39 in midday trade on the New York Stock Exchange. |
