ST. LOUIS — Right on the heels of a major bid to purchase coal in Mongolia, Peabody Energy is at it again. The coal energy company based out of St. Louis announced it will lease 721 million tons of coal reserves from a Wyoming mine for a price tag of nearly $800 million.
The company submitted a bid of $1.10 per mineable ton of coal for control of the North Porcupine reserve. The Bureau of Land Management awarded the lease to Peabody following a sealed bid auction process.
The new mine is adjacent to Peabody’s existing North Antelope Rochelle Mine in the Southern Powder River Basin of Wyoming.