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Peabody currently owns 84.5% of the operation, and intends to purchase the remaining equity interest following regulatory approvals.
The Millennium mine was among three Australian mines completed in 2008 as part of Peabody's expansion to serve seaborne markets.
Millennium is expected to increase production to 3 million tons per year.
“The acquisition of the remaining interest gives us even greater flexibility to pursue development opportunities and growth initiatives as we expand our Australia coal presence," Peabody president Richard Navarre said.
