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Peabody Sells Undeveloped Leases in Australia to Pembroke Resources

Peabody Energy announced that several of its Australian subsidiaries have entered into sale and purchase agreements with Australia-based Pembroke Resources, which is owned by Denham Capital, to sell its interest in undeveloped metallurgical reserve tenements in Queensland’s Bowen Basin for A$104 million ($77 million) in cash plus a royalty stream.

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OKD Files for Insolvency

On May 3, European coal producer New World Resources (NWR) said the OKD Board filed an insolvency petition with the Czech court.

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NRP Files Suit Against Foresight Energy

Natural Resource Partners L.P. (NRP) is suing Foresight Energy for breach of contract in an Illinois state court over a force majeure declared by Foresight after its Deer Run longwall steam coal mine near Hillsboro in Montgomery County initially was idled a year ago because of elevated carbon monoxide levels.

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Foresight Trying to Avoid Bankruptcy

Illinois Basin steam coal producer Foresight Energy continued to negotiate with lenders in late March to avoid becoming the latest U.S. coal company to file for bankruptcy after it failed to pay approximately $23.6 million in accrued and unpaid interest that was due on February 16.

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Peabody Lays Off PRB Miners

As it continues to consider its next financial move after warning of potential bankruptcy, Peabody Energy confirmed March 31 that it will cut 235 positions from its payroll at one of the nation’s largest mines, the North Antelope Rochelle (NAR) operation in Wyoming. Officials, who cited an alignment of the Powder River Basin (PRB) mine’s workforce with customer needs for the decision, said the impacted employees are both hourly and salaried.

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