Business is going well at Peabody's Coppabella mine.
Business is going well at Peabody's Coppabella mine. Jacob Miley

US giant's mega profit on back of two CQ mines

US COAL company Peabody has released its 2017 third quarter (Q3) report and it shows 60 per cent of the company's earnings over the period came from its Central Queensland operations.

The Australian Mining website reports the increased profits came primarily from Peabody's North Goonyella and Coppabella mines.

Australian revenues rose 60 per cent ($US251.3 million, or Aus $327.2 million) in the quarter ending September, taking the company's revenue to $US1.48 billion (Aus$1.93 billion).

 

The Australian Mining website reports the increased profits from Peabody come primarily from the company's North Goonyella and Coppabella mines.
The Australian Mining website reports the increased profits from Peabody come primarily from the company's North Goonyella and Coppabella mines. Jacob Miley

This was a 22 per cent increase from the 2016 Q3 performance.

The website said Australian sales totalled 8.7 million tonnes, 40 per cent of which was coking coal at $US119.55 ($254.50) per tonne and another 37 per cent comprised of thermal coal at $US69.31 ($90.23) per tonne - the remaining 23 per cent was delivered under contracts.

Peabody president and chief executive officer Glenn Kellow said the company, which is the world's largest private sector coal operation, had delivered on multiple objectives.

"The company sharply increased mining results, improved metallurgical coal volumes and costs, paid down debt, bought back shares, repriced our term loan, enhanced shareholder return flexibility and took steps to monetise non-core assets," Mr Kellow said.



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