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Peabody to develop power plant in China

in St. Louis
St. Louis, United States — ESI-AFRICA-COM — 21 January 2011 – Peabody Energy “’ the world’s largest private-sector coal company “’ has revealed that it is planning to develop a 1 200MW power plant and a 20Mtpa surface coal mine in China.

Announcing this here, Peabody said the power plant “’ which will be developed with China Huaneng Group and Calera Corporation in the Xilinguole region of Inner Mongolia “’ will be fuelled by a 12Mtpa surface mine.

The company, which is valued at US$16.16 billion, said the plant would be designed to capture a portion of carbon dioxide and convert it into green building materials.

Peabody, along with Yankuang Group, will also develop a coal mine in the Zhundong region of Xinjiang in northwestern China. This includes developing a 20Mtpa surface coal operation for a 2 000MW power plant.

Shares of Missouri-based Peabody have gained about 19% in value since the company posted strong third-quarter results in October.