Peabody Energy (BTU), Xinjiang Uyghur Gov't Enter Surface Mine Development Agreement
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Peabody Energy (NYSE: BTU) and the Government of the Xinjiang Uyghur Autonomous Region today entered into a framework agreement to pursue development of a state-of-the-art 50 million-ton-per-year surface mine that would operate over multiple decades.
Under terms of the agreement, Peabody would construct, manage and operate the mine, which would be one of the largest surface mines in China, using best practices in safety, training, productivity, resource recovery, environmental standards and land restoration.
A new rail link under construction is expected to be on line by 2013 and will further open the region to China's fast-growing energy markets.
Under terms of the agreement, Peabody would construct, manage and operate the mine, which would be one of the largest surface mines in China, using best practices in safety, training, productivity, resource recovery, environmental standards and land restoration.
A new rail link under construction is expected to be on line by 2013 and will further open the region to China's fast-growing energy markets.
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