Peabody buys stake in Chinese coal logistics company
Peabody Energy Corp. said it has purchased a 5.1 percent stake in China's Winsway Coking Coal Holdings Ltd. through a series of purchases on the Hong Kong Stock Exchange.
Terms weren't disclosed.
St. Louis-based Peabody and Winsway already operate a joint venture in Mongolia that holds coal and uranium operating licenses and is conducting an exploration program throughout the country, including the South Gobi region.
The companies have also entered into a non-binding agreement to establish a coal-marketing venture in the Asia-Pacific region.
Winsway is a major supplier of imported coal used for making steel in China and the largest supplier of Mongolian coal into China.
Terms weren't disclosed.
St. Louis-based Peabody and Winsway already operate a joint venture in Mongolia that holds coal and uranium operating licenses and is conducting an exploration program throughout the country, including the South Gobi region.
The companies have also entered into a non-binding agreement to establish a coal-marketing venture in the Asia-Pacific region.
Winsway is a major supplier of imported coal used for making steel in China and the largest supplier of Mongolian coal into China.
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