"Unfortunately, weak market conditions have resulted in an over-supply of domestic coal, which necessitates that we reduce our production," said Larry Martin, Chief Financial Officer of Hallador Energy Company. "The employees who are affected by this action are a part of the Sunrise family, and we regret the impact this will have on their families and the community. We thank them for their dedication and service."
As a result of the announcement, Hallador will be shifting production to its lower cost operations at Oaktown, Indiana (USA), and reducing its sales guidance to 7 million t for 2020.
The company is assessing if it has incurred any impairment on its Carlisle Mine, and if so, this amount will be reported on its Form 10-K in early March 2020.
