Peabody Energy acquiring Alabama coal mine for $400 million

Peabody Energy has agreed to buy an Alabama mine from Drummond Co. Inc. for $400 million, the St. Louis-based coal producer announced Friday.

The Shoal Creek metallurgical coal mine, located in central Alabama, provides coking coal to European and Asian markets, according to a press release.

The deal includes the mine, preparation plant and supporting assets, according to the release. It excludes legacy liabilities other than reclamation.

The mine, opened in 1994, employs about 400 people. It sold about 2.1 million tons of coal last year, according to the release.

The companies expect the deal to close by the end of the year.

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