ST. LOUIS (AP) - Two of the world's largest coal producers have announced a plan to combine their mining operations in Wyoming and Colorado in a bid to improve their competitiveness against growing natural gas and renewable energy sources.
Arch Coal and Peabody Energy, both based in St. Louis on Wednesday announced the joint venture. It will be 66.5% owned by Peabody and 33.5% owned by Arch.
The companies say the arrangement, which requires approval from government regulators, could save an average of about $120 million annually in mostly operational costs over the first 10 years.
The plan involves the North Antelope Rochelle, Black Thunder, Caballo, Rawhide and Coal Creek mines in northeast Wyoming and the West Elk and Twentymile mines in Colorado.
The mines employed about 3,300 workers in 2018.
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