Global mining major—Peabody Energy—has eventually entered into an agreement with the Lenton Joint Venture to sell off the majority stake in its Burton coal mine, situated at the Queensland region of Australia. The deal is fixed at USD 11 million.
Peabody Energy had lowered the production levels in the mine in 2014 due to the falling coal prices in the global market. The high cost of production in the mine was not sustainable in the market environment in view of which the production level was reduced to around 1 MnT per year. In 2016, the mine was put under care and maintenance.
The complete sale of the mine is, however, subjected to a number of regulatory approvals, and the entire transaction is expected to complete in the first half of 2018.
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