Peabody agrees to develop large coal mine project in Xinjiang

BEIJING - Peabody Energy Corp on Thursday that it has entered into a framework agreement with the Xinjiang Uygur autonomous region to develop a surface coal mine with annual production of 50 million tons.

As the world's largest private coal company, US-based Peabody said it will construct, manage and operate the mine and select a final location for the facility with the cooperation of the local government.

The company didn't give details about the total investment or construction schedule. However, it said the local government will accelerate the allocation of premier coal resources for the project, out of the total resources available, which indicates its confidence about the future development of the mine.