Since the beginning of 2012, Peabody has continued to progress its key
operations initiatives and mine projects. The company advanced improvement
activities and increased equipment utilization at the Coppabella and Moorvale
mines, which were acquired in October 2011.
Employees at the high quality hard coking coal mine, North Goonyella, overwhelmingly accepted a new employee bargaining agreement;
Peabody favorably resolved a dispute regarding the MDL 162 project in Queensland, and now retains a 90% equity ownership position in the development license.
Peabody continued to generate strong cash flows during the quarter, while investing in key projects to meet rising Australian volume targets for 2012 and beyond. The combination of cash flow generation and modest sustaining capital expenditures gives Peabody the ability to fund previously approved organic growth projects and reduce debt.
First quarter capital investments totaled USD 238.6 million, and the company has reduced its planned capital spending to USD 1.1 to USD 1.3 billion in 2012. Since the beginning of the year, Peabody Continued development of the low vol PCI Codrilla Mine, which is expected to produce first coal in late 2013 and reach approximately 3.5 million tons per year (2.6 million tons attributable) at full production.
Shipped first coal from the Middlemount Mine through Abbot Point port. Middlemount sales are expected to reach 4.4 million tons per year (2.2 million tons attributable) at full production;
Advanced expansions at Millennium, Burton and Metropolitan metallurgical coal mines, which are expected to contribute an additional 3 to 4 million tons at full production.
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Employees at the high quality hard coking coal mine, North Goonyella, overwhelmingly accepted a new employee bargaining agreement;
Peabody favorably resolved a dispute regarding the MDL 162 project in Queensland, and now retains a 90% equity ownership position in the development license.
Peabody continued to generate strong cash flows during the quarter, while investing in key projects to meet rising Australian volume targets for 2012 and beyond. The combination of cash flow generation and modest sustaining capital expenditures gives Peabody the ability to fund previously approved organic growth projects and reduce debt.
First quarter capital investments totaled USD 238.6 million, and the company has reduced its planned capital spending to USD 1.1 to USD 1.3 billion in 2012. Since the beginning of the year, Peabody Continued development of the low vol PCI Codrilla Mine, which is expected to produce first coal in late 2013 and reach approximately 3.5 million tons per year (2.6 million tons attributable) at full production.
Shipped first coal from the Middlemount Mine through Abbot Point port. Middlemount sales are expected to reach 4.4 million tons per year (2.2 million tons attributable) at full production;
Advanced expansions at Millennium, Burton and Metropolitan metallurgical coal mines, which are expected to contribute an additional 3 to 4 million tons at full production.
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