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Coal regulator issues plan to toughen rules for guaranteeing mine cleanups

Aug. 16, 2016 5:27 PM ETPeabody Energy Corporation (BTU) StockBTU, ARCH, KOL, ANRBy: Carl Surran, SA News Editor4 Comments
  • The Office of Surface Mining and Reclamation Enforcement announces plans to toughen "out-of-date" rules on self-bonding, the program that allows healthy coal companies (NYSEARCA:KOL) to post promissory notes instead of collateral to guarantee returning disturbed land to its natural setting.
  • Among the changes, the regulator proposes modifying self-bonding eligibility standards, diversifying financial assurance options for mine cleanups and ensuring an independent third-party review of self-bonded entities' current and future financial health.
  • Peabody Energy (BTUUQ), Alpha Natural Resources (OTCPK:ANRZQ) and Arch Coal (ACIIQ) - three of the four largest U.S. coal companies - have filed for bankruptcy in the past year, with more than $2B in self-bonds for future mine cleanups across several states.

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