The coal mining giant, which has a significant presence in two key coal states, Queensland and New South Wales, issued a statement on Saturday congratulating the new government, which has promised to repeal the carbon and mining taxes.

“Peabody Energy joins Australians in congratulating the new government and recognizes the promise of a new day,” it said.

“We support leadership coming together from all party lines with policies that help family budgets, bolster the economy, lower the cost of electricity and improve the competitiveness of the resource sector.”

Pulling back on barriers such as the carbon tax and the minerals resource rent tax are the right steps toward these goals, it said.

“Peabody looks forward to working with the government and other partners to find common ground for policies that will keep Australia on track as a leader in the global economy,” the company said.

Peabody has 3000 employees in Australia and says it creates $10 billion in annual economic benefits for the nation.

In a sign of the growing importance of Australia to Peabody last week it promoted its Australia chairman Eric Ford to the role of executive vice president to improve the collaboration of the company’s global platform.

Peabody said Ford would have continuing responsibilities for government relations in Australia, including coal advocacy activities.

He will also collaborate on improvement and development projects that impact the global Peabody platform and act as a key resource to the company’s new president and chief operating officer.

Ford has served as chairman of Peabody Australia overseeing all strategic aspects of its Australian operations, including business direction, operational and commercial strategy and performance and external stakeholder interaction.