Peabody Completes Acquisition of Drummond’s Shoal Creek Coal Mine for $400 Million, Alabama
Published: December 6, 2018 |
St. Louis-based Peabody Energy has completed its purchase of the Shoal Creek coal mine along the Black Warrior River from Drummond Co. for $387 million.
The deal was originally announced back in September for $400 million, but the sale price reflects what the company said were customary purchase price adjustments.
Included in the deal are the mine, preparation plant and logistical assets, excluding legacy liabilities other than reclamation. Shoal Creek serves Asian and European steel mills and produced 2.1 million tons of metallurgical coal in 2017, selling 2.4 million tons and generating $387.0 million in revenues.
Its location provides direct access to barge transportation to the McDuffie Terminal in Mobile.
Peabody President and CEO Glenn Kellow said the sale “offers significant strategic and financial benefits for Peabody.”
To stop by Peabody’s website, CLICK HERE
To stop by Drummond’s website, CLICK HERE
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