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Peabody Energy to sell undeveloped met coal reserves in Australia for A$104M

U.S.coal giant Peabody Energy Corp.on May 9 said it agreed to sell to Australia-based Pembroke Resources itsinterest in undeveloped metallurgical reserve tenements in Queensland's BowenBasin for A$104 million in cash plus royalties.

Peabody,which is currently restructuringin bankruptcy court, said it received A$65 million in cash and will receiveanother A$22 million in cash before the end of the third quarter of 2016 oncecertain governmental and regulatory approvals are granted.

Inthe deal, Peabody is offering its Olive Downs South, Olive Downs SouthExtended, Willunga and Olive Downs North tenements, all of which consist ofundeveloped proven and probable reserves totaling about 165 million tons.