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The Death of King Coal

The end is coming fast for coal as an energy source…

The World’s Largest Private Coal Company May File For Bankruptcy

Peabody Energy, the largest private coal company in the world, may soon file for bankruptcy, citing falling global demand and “substantial doubt” about its future.

The company has been hit hard by a glut in cheap natural gas and the Obama administration’s tougher, climate change-minded government. Several major coal companies have already succumbed to the changes, including Arch Coal, the second largest supplier in America.

“These projections and certain liquidity risks raise substantial doubt about whether we will meet our obligations,” Peabody said in a filing to the Securities and Exchange Commission. “There exists substantial doubt whether we will be able to continue.”

Shares in the company fell more than 45 percent on Wednesday after the filing.

Coal has long been lambasted for being a fuel of the past as growing concerns about climate change have led to harsh crackdowns on future mining operations. President Barack Obama halted new coal leases on public lands earlier this year. And China, by far the largest burner of coal on the planet, has promised to tackle it’s gargantuan greenhouse gas emissions by 2030.

Several leading environmental groups, including 350.org, Greenpeace and WildEarth Guardians, called on Peabody to end its coal business, citing the announcement as an “opportunity to protect the climate” in a press release.

“All we’re doing is calling on the company to get on board with helping our nation and our communities transition away from coal by winding down their operations in an orderly and effective manner,” Diana Best, Greenpeace’s senior coal campaigner, said in the statement.

Peabody has laid off hundreds of employees over the past few years and announced in January it would pay $75 million into a health fund for thousands of retired coal workers from a now-defunct company it spun off in 2007.

The company had $6.3 billion in debt and a net loss of more than $2 billion at the end of 2015.

Talking about Kentucky and Coal…A little Bluegrass is in order in a song about Peabody…

This is a modern electrified version of a Bluegrass classic – “You’ll Never Leave Harlan Alive”. Harlan County Kentucky was featured in a television series a few years ago, and it’s theme song featured a new style blending Bluegrass, funk, and rap.

In case you need to ask, my Grandfather was a coal miner, and my Dad did a stint to get though school up in the mountains working the Pocahontas mine.

 
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Posted by on March 17, 2016 in American Greed, General

 

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War! What Is It Good For?… Minerals

Was in a discussion the other day with one of the ill informed (a conservative), where I jokingly said the best way to solve Afghanistan was to go “Red Army” and kill off all the Poppy crop, and level the mountains…

Turns out that’s just what we are going to do.

Turns Outh There's Lithium Under Dem Thar Rocks!

US Finds $1T Worth of Minerals in Afghanistan

Vast deposits of iron, copper, gold, and lithium have been discovered throughout Afghanistan by US geologists, a find estimated to be worth $1 trillion. The discovery of such huge natural resources could turn Afghanistan into one of the world’s most important mining centers—and could have a profound impact on a country whose economy is based largely on illicit opium production and foreign aid, reports the New York Times. Afghanistan, a country with no mining industry or infrastructure, could become the “Saudi Arabia of lithium,” according to a Pentagon memo, and international competition for mining rights was strong even before the discovery was announced: China is seen as a major player and is accused of making a $30 million bribe to obtain contracts last year. The potential wealth could also prove a powerful incentive for the Taliban to continue fighting for regional control. Read the full article.

 
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Posted by on June 14, 2010 in News

 

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