The objective of this research was to establish the relationship between production, consumption and energy cost in the surface mining of bituminous coal. Specific energy sources such as diesel, gasoline, electricity, explosives and bituminous coal were considered in this study. Gain in net energy, proportion of the cost of energy consumption and total energy cost relative to total revenue of extracted coal were determined, and a new energy efficiency index and a new energy-cost ratio were established. A case study on an operating surface coal mine was carried out to demonstrate the application of the newly developed method. The results of this study can be used by the mine operators in establishing strategies for the optimization of energy production and consumption, and for reducing the cost of bituminous coal extraction.