Hallador Energy restructures Sunrise Coal Division, significantly reducing Operating Costs
TERRE HAUTE, Ind., Feb. 23, 2024 (GLOBE NEWSWIRE) — Hallador Energy Company (NASDAQ:HNRG) today announced a restructuring of the company’s Sunrise Coal Division designed to strengthen its financial and operational efficiency and create significant operational savings and higher margins. “As we transition Hallador from a coal production company to a vertically integrated independent power producer, we will idle production at our higher cost Freelandville and Prosperity Mines, reduce our capital reinvestment for coal production in 2024 by approximately $10 million, and focus our seven units of underground equipment on four units of our lowest cost production. We will further improve the cost structure of these units by increasing their run time from five and a half days per week to seven days per week. We expect our coal production to generate 4.5 million tons annually,” said Brent Bilsland, Hallador’s CEO.