TERRE HAUTE, Ind – A local coal mine that is currently closed will not reopen.
In an Annual Financial Report press release, Hallador Energy Company says that they will not reopen the Sunrise Carlisle Mine.
President and Chief Financial Officer Brent Bilsland said that the closing of the mine would reduce their cost structure and maximize per ton margins. He added that the reduced cost would help to reduce debt.
Statement from Pres and CFO Brent Bilsland
Brent Bilsland, President and Chief Executive Officer, commented, “After experiencing negative free cash flow at Carlisle over the past 18 months, we have decided to permanently close Carlisle which will further reduce our overall cost structure, maximize per ton margins and, reduce current and future capex by utilizing Carlisle equipment and parts at Oaktown. As we reduce coal and parts inventories, we will generate significant cash to be utilized for debt reduction.”