Peabody Energy said that it has ceased production at the Air Quality Mine in Vincennes and will permanently close the mine based on soft market conditions that make operations uneconomic.

Worker Adjustment and Retraining Notification letters were provided to approximately 230 employees, signaling a 60 day period to plan for a job transition.

Peabody is working with employees regarding placement opportunities at other Peabody operations. Air Quality produced 1.2 million tonnes in 2011.

Peabody expects to incur a one time, non cash charge estimated at USD 75 million after tax in the quarter ending September 30th 2012, primarily related to the write down of assets, which will be recorded within discontinued operations. Peabody's prior third quarter 2012 targets remain unchanged, as they exclude discontinued operations.

Source - Peabody Energy

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