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Alliance Resource Partners, L.P. Announces Issuance of WARN Act Notice at Gibson Complex
TULSA, Okla.--(BUSINESS WIRE)-- Alliance Resource Partners, L.P. (NASDAQ: ARLP) announced today that its subsidiary, Gibson County Coal, LLC, has issued
About this update from Alliance Resource Partners, L.p.
[{"type":"text","content":" TULSA, Okla.--(BUSINESS WIRE)--\nAlliance Resource Partners, L.P. (NASDAQ: ARLP) announced today that its subsidiary, Gibson County Coal, LLC, has issued Workers Adjustment and Retraining Notification (WARN) Act notices to approximately 185 of its employees as a result of idling production at the Gibson North mine.\n\n\n\"A substantial portion of production from the Gibson Complex has been dedicated to supplying the international coal markets,\" said Joseph W. Craft III, Chairman, President and Chief Executive Officer. \"The export markets have deteriorated over the last seven months and have contributed to an over-supplied domestic market. Although we anticipate coal markets will improve, predicting when a rebound may occur is difficult and led to our actions today. Until conditions improve, this production response at the Gibson North mine allows ARLP to adjust volumes from the Gibson Complex to meet current demand expectations at the lowest cost possible. While market conditions made this decision necessary, we deeply regret the impact of this action on our employees, their families and their communities.\"\n\n\nThe Gibson North mine produced this year approximately 1.7 million tons of coal through October 31, 2019. ARLP does not expect the idling of Gibson North to have any impact on its previously announced earnings guidance provided in its October 28, 2019 Press Release, including 2019 full-year ranges for coal production of 40.1 to 40.4 million tons and coal sales volumes of 39.1 to 39.5 million tons.\n\n\nAbout Alliance Resource Partners, L.P.\n\n\nARLP is a diversified natural resource company that generates income from coal production and oil & gas mineral interests located in strategic producing regions across the United States.\n\n\nARLP currently produces coal from seven mining complexes it operates in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States.\n\n\nARLP generates royalty income from mineral interests it owns in premier oil & gas producing regions in the United States, primarily the Permian, Anadarko, Williston and Appalachian basins.\n\n\...