Coal company Peabody Energy, which is under Chapter 11 bankruptcy protection, has flagged further reductions in its metallurgical coal production in Australia in the five-year period to 2021, as part of the group’s strategy to build a “smaller, but more profitable” platform in the country.
Peabody has already completed the sale of undeveloped tenements in Australia as part of an ongoing asset optimisation programme and it intends to place the two-million-ton-a-year Burton mine, in Queensland’s Bowen basin, in care and maintenance later this year.
