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Saturday, December 10, 2011

Peabody buys stake in Chinese coal importer

Saturday, 10 Dec 2011

Peabody Energy Corp the world biggest private-sector coal company bought a 5.1% stake in a Chinese coal importer. China is the world biggest coal market.

Financial terms for the stake of Winsway Coking Coal Holdings Ltd were not disclosed. Winsway is a major importer of coking coal for China steel industry and is a top supplier of Mongolian coal into China.

Peabody said the company currently operates a coal and uranium joint venture with Winsway in Mongolia. The two companies also recently reached a tentative deal to establish a joint venture to market coal in China and the Asia-Pacific region.

Peabody bought its equity stake by purchasing Winsway shares on the Hong Kong Stock Exchange.

(Sourced from

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