US coal miner, Foundation Coal Holdings, says it's idling three high-cost West Virginia mines and a preparation plant.
The company says it is stopping work at the Mingo County operations immediately. Foundation says the stoppage will lead to a pre-tax impairment charge to write down up to $36.5 million for the value of the operations.
The company blames high costs, poor market conditions and difficult mining conditions.
The operations are the latest in a string of U.S. coal mines to be idled in recent weeks. Despite high prices, mine operators are bracing for low demand, especially for coking coal used to fire steel blast furnaces.
Foundation produces approximately 70 million tons of coal annually in West Virginia, Pennsylvania and Wyoming.
Source: Daily Press, West Virginia
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