Alpha Natural idles Virginia mine

|About: Alpha Natural Resources, Inc. (ANRZQ)|By:, SA News Editor

Alpha Natural Resources (ANR -0.1%) says it has idled its Cherokee mine in southwest Virginia amid declining production and demand, forcing the layoff of 120 workers.

ANR says the closure reflects the declining market for metallurgical coal used to make steel and that production at the mine has declined, meaning it is near the end of its life.

Peak production of the mine was in 2007, when it produced 570K tons of coal; last year, it produced ~300K tons and was expected to yield even less this year.