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Peabody Energy Corporation (NYSE:BTU) says it will permanently shut its Air Quality Mine in Vincennes, Indiana, due to weak market conditions that render operations uneconomical. The company expects to incur a one-time, non-cash charge of approximately $75 million in the third quarter linked to the write-down of assets, which will are to recorded as discontinued operations.
Investing Insights: Gold and Silver Quiet Ahead of ECB Meeting.
Royal Dutch Shell (RDS.A)(RDS.B) is going forward with its Quest carbon capture and storage program, the first of its kind for a Canadian oil sands site. Quest should be operational by the year 2015 and will capture and store more than 1 million metric tons per year of carbon dioxide produced in bitumen processing, which comprises “the equivalent of taking 175,000 North American cars off the road annually.”
The chief of Chevron Corporation’s (NYSE:CVX) Brazilian division can leave the country when his job ends later this month, but a court in Brazil says that first he must pay a bond of 500,000 reais, or $245,000, to assure his participation in court cases linked to a November oil spill. More than a dozen Chevron employees and the drill-rig owner Transocean Ltd. (NYSE:RIG) have been charged with crimes related to the accident.
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