Peabody tells Illinois it can cover mine closing costs

11 months 6 days 21 hours ago March 24, 2016 Mar 24, 2016 Thursday, March 24 2016 Thursday, March 24, 2016 8:01:19 PM CDT in News
By: The Associated Press

ST. LOUIS (AP) — Financially troubled Peabody Energy told Illinois Attorney General Lisa Madigan it is "committed" to restoring land at its three coal mines in the state as a possible bankruptcy looms.

The St. Louis-based company on Wednesday responded to a Madigan demand for details on how it will pay the estimated $92 million for mine reclamation as it considers seeking Chapter 11 bankruptcy protection.

A Peabody attorney counters that its anticipated restoration costs are between $25 million and $30 million less than the state estimates.

Several environmental groups want state and federal regulators to stop allowing Peabody to use the process known as self-bonding instead of posting conventional bonds for mine remediation.

The alternative is purchasing surety bonds from private insurers.

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