Peabody Energy (BTU) Completes Wards Well Acquisition

Peabody (NYSE: BTU) today announced the completion of the previously announced Wards Well acquisition. In October, the company reached an agreement to acquire a large portion of the Wards Well coal deposit immediately adjacent to the company's Centurion Mine Complex, for cash consideration of $136 million and a contingent royalty of up to $200 million payable after recovery of the related project investment when coal prices exceed certain targets.

The acquisition represents a strategic opportunity to extend the mine life of Centurion, Peabody's tier one premium hard coking coal mine. The company is currently developing an integrated 130 million ton, 25+ year mine plan which incorporates the Wards Well coal deposit.

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