Decision to idle Pinnacle coal mine in WV was reversed, Cliffs N - Beckley, Bluefield & Lewisburg News, Weather, Sports

Decision to idle Pinnacle coal mine in WV was reversed, Cliffs Natural Resources says

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  • Many WV coal counties losing revenue

    Many WV coal counties losing revenue

    Monday, August 8 2016 10:15 AM EDT2016-08-08 14:15:05 GMT

    As Appalachian coal production continues its drastic decline, West Virginia’s coal-producing counties are  not only losing people as lifelong residents are forced to flee their homes in order to find work, but in many cases, they’re also relinquishing millions of dollars from their budgets.

    As Appalachian coal production continues its drastic decline, West Virginia’s coal-producing counties are  not only losing people as lifelong residents are forced to flee their homes in order to find work, but in many cases, they’re also relinquishing millions of dollars from their budgets.

Contrary to a June 25 WARN notice, Cliffs Natural Resources Inc. has decided not to idle its Pinnacle Mining Company operations, preserving more than 500 West Virginia coal jobs, according to an Aug. 7 regulatory filing.

The original 60-day notice announced that the company had intentions to idle the Wyoming County coal mine by Aug. 25 due to “the persistent depressed pricing and oversupply in the metallurgical coal market.”

"This is great news for over 500 employees at our Pinnacle Mine and we look forward to continuing safe and efficient mining operations," said Ryan Thorn, public affairs coordinator for Cliffs' North American Coal division.

In the same filing, Cliffs announced that the company's board of directors had appointed Lourenco Goncalves as the new chairman, president and CEO, effective immediately. Goncalves replaced Jim Kirsch, who served as Chairman since July 2013, and Gary Halverson, who served as CEO since February 2014.

Pinnacle is wholly owned by Cliffs, which owns and operates four metallurgical coal operations in West Virginia and Alabama, as well as one thermal coal mine in West Virginia. The Pinnacle Complex includes the Pinnacle mine, which has produced between 0.7 million and 2.8 million tons of coal annually since 1969, and the Green Ridge mine. In January 2012, the Green Ridge No. 2 mine was idled, according to the company's annual report published in February 2014.

 
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