19.04.16 US coal giant goes bump

Peabody Energy, fools gold

Peabody Energy, the world's largest privately owned coal producer, has declared itself bankrupt. This follows the unprecedented collapse in global coal prices due to falling demand, ultimately driven by environmental pressures and this has left them unable to pay their creditors. The multi national mining company, which owns mines in the US and Australia, has estimated liabilities of up to $50billion. Nobody likes to see workers loose their jobs but some argue that this could actually signal the dawn of a cleaner industrial age and in the long run could further fuel the growing renewable energy sector.

Source: BBC News and Edie Newsroom – to read the complete Edie Newsroom article please click here