BILLINGS, Mont. (AP) — One of the largest coal mining companies in the Western U.S. is reporting a $205 million loss for 2015 after pinning its hopes for growth on an export market in Asia that has fizzled.
The results for Wyoming-based Cloud Peak Energy add to the litany of bad news for an industry hit by bankruptcies, low prices and tightening pollution rules.
The company attributed $58 million of its losses to weak international coal prices.
Chief executive officer Colin Marshall says 2016 will be another difficult year for coal miners.
Cloud Peak’s coal shipments dropped 13 percent to 75 million last year. They are expected to drop to as low as 64 million tons in 2016.
Cloud Peak’s stock rose 17 percent, to $1.90 per share, in after-hours trading on Wednesday.
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