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4-Traders Homepage  >  Equities  >  Nyse  >  Peabody Energy Corporation    BTU

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Peabody Energy Corporation : Peabody Energy North Goonyella Employees Overwhelmingly Approve New Labor Contract

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04/13/2012 | 05:20pm CEST

ST. LOUIS, April 13, 2012 /PRNewswire/ -- Peabody Energy (NYSE: BTU) announced today that employees at the North Goonyella Mine in Queensland's Bowen Basin overwhelmingly approved a new enterprise agreement on April 11, 2012.

Successful conclusion of the labor negotiations follows several months of constructive discussions between the mine and the workforce. The new three-year agreement builds on the base of improvements gained at the mine over recent years and will enable progress to continue in areas where further potential exists.

"We believe the new agreement will provide benefits for both Peabody and our employees as together we build a sustainable future for North Goonyella," said Peabody President - Australia Eric Ford. "The approval by more than an 80 percent vote is a clear show of support."

North Goonyella employs approximately 330 and produces a high quality hard coking coal that serves export markets for steel production. The mine has a current capacity of up to 2.5 million tons per year, and intends to install innovative longwall top coal caving technology to further expand capacity beginning in 2014.

Peabody Energy is the world's largest private-sector coal company and a global leader in clean coal solutions. With 2011 sales of 251 million tons and $8 billion in revenues, Peabody fuels 10 percent of U.S. power and 2 percent of worldwide electricity.

CONTACT:
Vic Svec
(314) 342-7768

SOURCE Peabody Energy

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