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Peabody Energy confirms terminations

Peabody Energy restructure

Peabody Energy has confirmed that forty personnel have been terminated in a restructure of its Australian Operations.

The company told AMSJ in a statement this afternoon that the move has come due to a range of conditions including a range of uncertainties in its’ operations.

A Peabody spokesperson said “Today, Peabody made the extremely difficult decision to reduce approximately 40 positions from its Australian operations and is offering outplacement assistance and counselling to assist affected employees and their families during this difficult time.   

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“These actions come in response to macro industry conditions, including the mild Northern Hemisphere winter, historically low natural gas prices, trade and policy uncertainties and, most recently, the widespread disruption of COVID-19.”

Peabody Energy’s share price has fallen significantly over the last twelve to eighteen months following the North Goonyella mine fire and a range of other factors. The price fell from USD $46.86 in June 2018 to around USD $2.90 recently.

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