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,
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