Peabody to spend $70M on mine in Australia
Written on February 1, 2010
Peabody Energy Corp., the world’s largest private-sector coal company, on Thursday said it will spend $70 million to expand its Metropolitan mine in New South Wales, Australia.
The mine expansion is one of several projects Peabody is counting on to double Australian coal exports by 2014.
The Metropolitan mine produced 1.5 million tons of coal last year, most of which was so-called coking coal shipped to steelmakers in Asia.
The mine expansion and upgrade will be completed over a period of years. Peabody will spend $15 million on the project this year.
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