US-based coal producer Peabody Energy has announced that it expects production at its North Goonyella Mine in Queensland, Australia to resume in four to six weeks, following the roof fall at the mine in mid-August.
North Goonyella typically produces 200,000 to 250,000 mt per month of high quality hard coking coal. Reduced shipments as well as higher costs resulting from lower production and recovery activities are expected as a result of the accident.
The roof fall blocked the main entry to the mine; there were no injuries since the production was largely halted for the completion of a longwall relocation. Production at the mine is now expected to resume in early October.
The company has revised its financial targets to reflect these impacts. Peabody now targets third quarter 2011 EBITDA in the range of $450-550 million and full year EBITDA of $2.125-2.325 billion.