Peabody wins bid for Powder River Basin reserves

PEAPODY Energy announced it was the winning bidder for more than 297 million tons of high Btu, low sulfur coal reserves in the Powder River Basin.

Staff Reporter

The winning bid for the reserves was US$0.92 per mineable ton, made through a sealed bid auction process. The bid is subject to final evaluation by the Bureau of Land Management (BLM) to determine that the offer meets the agency's fair market analysis. Following BLM acceptance, Peabody will finalize the lease acquisition over the next 60 to 90 days.

The reserves are adjacent to Peabody's North Antelope Rochelle Mine, located in Campbell County, Wyo., which shipped more than 80 million tons in 2003. Peabody's Powder River Coal Company mines last year shipped a record 106.5 million tons of coal and ranked number one, four and six among America's most productive mines in 2003. Peabody holds the number one market position in the Powder River Basin, which is America's fastest-growing coal region.

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