Peabody Energy to Invest $ 70 Million For Development Of Coal Mines In Australia
Feb/11/2010 | Under Coal Mine - Companies - Exploration - Trade & Market
Coal demand continues to increase, particularly of steel companies in China and India. Both these countries are the largest coal importer. Trend of increasing coal pushed some coal mining companies increase their coal production to meet demand for coal. Climatic conditions and the growth of steel industry in China is a factor affecting the increased demand for coal in China.
Peabody Energy is one of the largest coal mining company that produces coal for the coal demand from China and India. Anticipate strong demand for coal, coal mining company Peabody Energy to develop a coal mine in Australia. Mining companies increase production capacity from the Metropolitan Mine in New South Wales, Australia. Investment for the development of the Metropolitan Mine coal mining reached $ 70 million.
Peabody mining companies target increased metallurgical coal delivery to 12 million, estimated each year could reach 15 million tons to 17 tons until the year eke 2014.