Anglo American sells coal assets to Peabody for $3.8bn
The move is the first of four big asset divestments Anglo announced in May, after it fought off a $49bn hostile takeover attempt from BHP.
Robert E. Murray, CEO of the independent Ohio-based coal company Murray Energy, felt he had no choice in the face of strong win by the Democratic party on Tuesday and laid off about 156 staff.
The Intelligencer Wheeling News-Register obtained a copy of the prayer, that was read to staff members before they were let go. The company says more layoffs are planned in the coming months:
Dear Lord:
The American people have made their choice. They have decided that America must change its course, away from the principals of our Founders. And, away from the idea of individual freedom and individual responsibility. Away from capitalism, economic responsibility, and personal acceptance.
We are a Country in favor of redistribution, national weakness and reduced standard of living and lower and lower levels of personal freedom.
My regret, Lord, is that our young people, including those in my own family, never will know what America was like or might have been. They will pay the price in their reduced standard of living and, most especially, reduced freedom.
The takers outvoted the producers. In response to this, I have turned to my Bible and in II Peter, Chapter 1, verses 4-9 it says, “To faith we are to add goodness; to goodness, knowledge; to knowledge, self control; to self control, perseverance; to perseverance, godliness; to godliness, kindness; to brotherly kindness, love.”
Lord, please forgive me and anyone with me in Murray Energy Corp. for the decisions that we are now forced to make to preserve the very existence of any of the enterprises that you have helped us build. We ask for your guidance in this drastic time with the drastic decisions that will be made to have any hope of our survival as an American business enterprise.
Amen.
The Environmental Protection Agency is tightening regulations on coal-powered plants forcing closures. A big part of coal’s problem is fracking and low natural gas prices that have undercut prices.
An employee of the mine is conducting a question and answer session on Reddit.
8 Comments
allritejack
I don’t live in the US but what is being said is totally true and the naive commentators will unfortunately live to see the reality of it. Right now you are not seeing the wood for the trees, but the euphoria will die down and the inevitable decline will begin .
John Galt
Atlas is starting to shrug.
sailormac
You mean, he had no choice due to declining sales to close the mine and layoff the workers! So he’s found a convienient scape goat to blame it on
fanny may cartwright
OMG why are you printing this kind of sanctimonious, drivel. This fellow needs to take up knitting, and leave off invoking the name of the Lord to dress up reactionary political pot-shots.
Saddened
Thankfully he is going out of business??? Ask the people who are getting laid off from the coal mines there and surrounding states if they are thankful. What jobs is your wonderman creating that they can turn too? Think they can go to natural gas jobs? For awhile maybe, gas can not continue at the price point they are at, the price will turn around. After the EPA does what damage it can to coal who do you think they will turn against next? Natural gas, already the rumblings about what fracturing is doing to water reservoirs and that it is causing earthquakes is out there. I will not come back on here to read your comments as I will not care because I know full well that you will give nothing that is helpful. I pray for those losing their jobs and their families that they need to support. It is wondermans way to get them on government support. “The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.” Thomas Jefferson.
G.A. Browne
thankfully he is going out of business. what a loser. anyone in the industry knows that natural gas is replacing coal due to price.
Guest 40
Love how above this article it’s offers articles on 2012 Mining Billionares.
Krysten
Way to have zero accountability for your responsibilities as CEO. Embarrassing.