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Peabody Energy sees fire at Australian mine impacting future financials


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Peabody Energy sees fire at Australian mine impacting future financials

Peabody Energy Corp. expects future financial impacts in connection with elevated gas levels and a fire at its North Goonyella Mine in Queensland, Australia, according to an Oct. 11 update.

The company previously declared a force majeure on coking coal from the mine and said it would likely idle the mine for the entire fourth quarter to contain the impact of the incident.

Peabody plans to provide an initial look at financial and other impacts when it announces third-quarter results Oct. 30, including a recording a provision related to equipment expected to be sealed in the completed longwall panel.

The Queensland Mines Inspectorate is investigating events related to North Goonyella. At the appropriate time, Peabody Energy also intends to initiate a formal review of the incident with the involvement of independent third parties.

The company also announced that it would begin permanently closing some areas of the mine where high methane levels have been concentrated.