Peabody Sells Majority Of Burton Mine

In Featured, Infrastructure & Operations, Latest News, Resource Extraction & Processing

Peabody announced today that it has entered into an agreement to sell the majority of its Burton mine and related infrastructure to the Lenton Joint Venture for approximately US$11 million.

The Lenton Joint Venture will assume the reclamation obligations associated with the assets being acquired by the Lenton Joint Venture, reducing Peabody’s asset retirement obligation by approximately US$53 million while also releasing an estimated $30 million of restricted cash. The Burton mine, located in Queensland’s Bowen Basin, entered a care, maintenance and rehabilitation phase in December 2016.

The transaction is conditional on a number of regulatory and other requirements and completion is expected to take place in the first half of 2018. The Lenton Joint Venture, of which New Hope Coal is a 90 percent participant, controls mining tenements that adjoin the Burton mine. Peabody is the world’s largest private-sector coal company.

The company is also a leading voice in advocating for sustainable mining, energy access and clean coal technologies. Peabody serves metallurgical and thermal coal customers in more than 25 countries on five continents.

You may also read!

Jobs To Go At Rio Tinto

Australian mining sector must work harder to promote industry careers

Australian mining and mining supply companies need to do much more to raise awareness of their industries amongst young

Read More...

Solar gardens to bring rooftop solar to all Australians

The Australian Renewable Energy Agency (ARENA) has today announced funding for a feasibility study that could allow the third

Read More...

Renewables flow for Queensland

Renewable energy continues to flow into Queensland’s electricity network, with the state’s largest solar farm to date now supplying

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu