Richmond-based, James River Coal says it has idled five underground mines ( Abner Branch, Mine 16, Mine 6A, Mine 31,and Jellico), two preparation plants (BL1 Plant and Burke, and one load-out facility(Sunny Knot). It also has reduced production at three surface mines (Frasure, Buckeye, and Montgomery Creek).
The company says the moves impact about 400 employees and contractors.
The company said that its fourth-quarter net loss more than doubled to $76.9 million and revenue fell more than 35 percent to $232.2 million.
Coal producers are being hit by a double whammy of weak demand. Utilities need less coal to produce electricity because of mild weather and lower power generation, while construction overseas has slowed the appetite for coal to make steel.
