Peabody Energy Extends Helensburgh Mine Lockout Amid Union Dispute Over Wages, Job Protection

Peabody Energy Corporation (NYSE:BTU) is one of the best low priced energy stocks to buy now. On June 26, Peabody Energy extended a lockout at its Helensburgh underground coal mine in New South Wales, Australia. This decision came after workers, members of Australia’s Mining and Energy Union/MEU, staged a 1-hour protected industrial action demanding improved wages and job protection.

Peabody notified MEU members on the night of June 25 that the lockout, which began on June 18 earlier, would continue until July 6. This means workers at the Metropolitan Mine (Helensburgh) were locked out without pay for ~3 weeks.

A Peabody spokesperson stated that the extension of their lawful action was to match the union’s extended strike action notification period. However, the MEU has condemned this as a disproportionate response, urging the Federal Government to overhaul workplace laws that permit such employer actions against workers exercising their right to bargain.

Peabody Energy Corporation (NYSE:BTU) engages in coal mining business.

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Disclosure: None. This article is originally published at Insider Monkey.