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Walter Energy to idle Canadian coal mine.

According to Reuters, Walter Energy Inc., facing an activist investor that wants to replace half its board, said on March 22 it would idle a high cost metallurgical coal mine in western Canada within the next few weeks, sending its shares nearly 4% higher. The coal miner, which also has operations in the U.S. and Britain, said in a regulatory filing that it would also close a thermal coal mine in Alabama nine months earlier than planned, and announced a $350 million debt offering. Raymond James analyst Jim Rollyson said shutting down the Willow Creek mine in British Columbia is the right move. He said the decision may help Walter Energy in its proxy fight with British hedge fund Audley Capital Advisors LLP ahead of its April 25 annual meeting.

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Title Annotation:WORLD NEWS
Publication:Coal Age (1996)
Article Type:Brief article
Geographic Code:1U6AL
Date:Apr 1, 2013
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