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Peabody Completes Sale Of Majority Of Inactive Burton Mine To Lenton Joint Venture

THIS POST WAS ORIGINALLY PUBLISHED ON THIS SITE Click Here To Read Entire Article

ST. LOUIS, Nov. 27, 2017 /PRNewswire/ — Peabody announced today that it has completed the sale of the majority of its inactive Burton Mine and related infrastructure to the Lenton Joint Venture for approximately US$11 million, subject to certain customary post-closing adjustments.  

In addition to receipt of cash proceeds from the sale, the transaction reduces Peabody’s asset retirement obligation by approximately US$41 million.  The sale also provides for the release of approximately US$30 million of restricted cash in support of such asset retirement obligation, which combined with the company’s recently announced revolving credit facility, is expected to free up approximately US$300 million in cash. 

Peabody placed the Burton Mine on care, maintenance and rehabilitation in December 2016 and announced the sale of the mine in September 2017.  The Lenton Joint Venture, of which New Hope Coal is a 90 percent participant, controls mining tenements that adjoin the Burton Mine located in Queenland’s Bowen Basin. 

Peabody is the world’s largest private-sector coal company.  The company is also a leading voice in advocating for sustainable mining, energy access and clean coal technologies.  Peabody serves metallurgical and thermal coal customers in more than 25 countries on five continents.  For further information, visit PeabodyEnergy.com. 

Media Contact:
Michelle Constantine
+61 402 476 543

Investor Relations Contact:
Julie Gates
+1 314 342 4336

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “targets,” “would,” “will,” “should,” “goal,” “could” or “may” or other similar expressions. Forward-looking statements provide management’s current expectations or predictions of future conditions, events or results. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. They may include estimates of revenues, income, earnings per share, cost savings, capital expenditures, dividends, share repurchases, liquidity, capital structure, market share, industry volume, or other financial items, descriptions of management’s plans or objectives for future operations, or descriptions of assumptions underlying any of the above. All forward-looking statements speak only as of the date they are made and reflect the company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, the company disclaims

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