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We provide the latest news from the world of economics and finance
(RTTNews) - Peabody Energy Corp. (BTU), a coal producer, announced on Tuesday that it has completed a previously announced Wards Well acquisition.
Earlier, the company had reached a deal to acquire a large portion of the Wards Well coal deposit immediately adjacent to the company's Centurion Mine Complex, for $136 million in cash and a contingent royalty of up to $200 million.
The royalties will be paid after recovery of the related project investment when coal prices exceed certain targets.
Peabody noted that it is currently developing an integrated 130 million ton, over 25-year mine plan which incorporates the Wards Well coal deposit.
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