Peabody Energy (NYSE: BTU) shares have edged higher premarket after it announced a collective bargaining agreement with the union representing its hourly workers at its Shoal Creek mine.
Peabody and the United Mine Workers of America (UMWA) announced a tentative agreement regarding the Shoal Creek mine in Alabama at the beginning of September.
The mine has been closed since October 2020 after Peabody laid off around 400 workers and said it was temporarily stopping production due to a fall in coal demand.
After the announcement of the tentative agreement earlier this month, UMWA International President Cecil E Roberts said that if the deal was ratified, it would “allow the Shoal Creek mine to be reopened very soon.”
Commenting on today's announcement, Marc Hathhorn, President of Peabody's Australian and seaborne mining operations, said: “Peabody is pleased to have reached an agreement with our Shoal Creek mine employees that we believe is beneficial for all stakeholders, allowing the mine to operate safely and efficiently.”
“We appreciate the cooperation of the UMWA leadership and our Shoal Creek employees in reaching an agreement.”
Peabody's share price is currently trading at $13.37 premarket, up 3.08%.
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