US coal company Peabody has released its 2017 third quarter (Q3) report and it shows that 60 per cent of the company’s earnings over the period came from Australian operations. Primarily, Peabody’s North Goonyella and Coppabella mines were responsible for the increased earnings.
Overall revenues for the quarter ending September 2017 stood at $US1.48 billion ($1.93 billion), rising 22 per cent from the previous Q3 result of $US1.21 billion ($1.58 billion), which the company attributes to a 60 per cent boost in Australian revenues ($US251.3 million, or $327.2 million).
Australian sales totalled 8.7 million tonnes, 40 per cent of which was coking coal at $US119.55 ($254.50) per tonne and another 37 per cent comprised of thermal coal at $US69.31 ($90.23) per tonne — the remaining 23 per cent was delivered under contracts.
Peabody president and chief executive officer Glenn Kellow was pleased with the results, stating that Peabody, which is the world’s largest private sector coal company, had delivered on multiple objectives.
“The company sharply increased mining results, improved metallurgical coal volumes and costs, paid down debt, bought back shares, repriced our term loan, enhanced shareholder return flexibility and took steps to monetise non-core assets,” said Kellow. “We intend to continue to execute on our stated financial approach as we generate cash, reduce debt, invest wisely and return cash to shareholders.”