Peabody achieves first development coal at Centurion
The Centurion coking coal growth project, in Australia, is continuing to advance on time and on budget, US-headquartered miner Peabody reports.
The company produced the first development coal in the second quarter and commissioned the second continuous miner in July.
“Development at Centurion remains on plan, with initial underground development rates exceeding expectations. We expect to ship to customers beginning in the fourth quarter of 2024,” said president and CEO Jim Grech.
Centurion, located in the Bowen Basin region near Moranbah, Queensland, is expected to have a mine life of more than 25 years and average longwall production of 4.7-million tons a year.
The benchmark premium hard coking coal from Centurion is expected to receive a premium price relative to other metallurgical coals.
The Centurion update formed part of the New York-listed miner’s second-quarter results announcement.
Peabody reported net income attributable to common stockholders of $199.4-million, or $1.42 a diluted share, for the second quarter of 2024, compared with $179.2-million, or $1.15 a diluted share, in the prior-year quarter.
Grech said the group achieved results in line with expectations across all four segments. Its seaborne thermal coal volumes increased to 4.1-million tons, including 2.7-million export tons. Seaborne metallurgical coal sales rose to two-million tons, beating the guidance of 1.9-million tons.
Powder River Basin tons reduced to 15.8-million, but was in line with the second-quarter guidance. Other US thermal coal production came to 3.7-million tons.
With a strong outlook for free cash flow in the second half of 2024, the company committed $100-million for additional share buybacks,
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation