US-headquartered Peabody has closed a new $320-million senior revolving credit facility, enhancing its financial resiliency during the period of investment at its Centurion mine, in Queensland, Australia.
Formerly known as North Goonyella, the Centurion mine is a key part of reweighing Peabody’s long-term production and revenue toward premium Australian metallurgical coal.
“Over the past two years, we have strengthened our balance sheet and implemented an initial $1-billion share repurchase program. We are now taking the next steps to achieve our goal of making the Centurion mine a global leader in the metallurgical coal market,” said CFO Mark Spurbeck on Thursday.
Peabody last year reached an agreement to acquire a large portion of the Wards Well coal deposit, adjacent to the existing mine at Centurion. The company will start mining development coal in the first quarter of this year.