“The proposed joint venture offers a clear and compelling path to strengthen both our and our customers’ ability to compete in today’s marketplace with electricity produced from coal,” said Peabody President and CEO Glenn Kellow. “We believe that the commission has reached an incorrect decision that should be rapidly remedied within the court system to allow customers and others to benefit from the combination.”

Arch CEO John Eaves called the need for the merger “self-evident.”

“The proposed joint venture promises to enhance the cost-competitiveness of our thermal (coal) operations,” he said.

The companies have said the joint venture, which was announced in June 2019, would “unlock synergies” of $820 million. The focus of the move would be the combination of Peabody’s North Antelope Rochelle Mine and Arch Coal’s Black Thunder mine — surface-mining operations near Wright, Wyoming. The properties border one another, and are the country’s two most productive coal mines, by far.