Peabody announces China plans
21 September 2005
Peabody Energy Corp, one of the world's largest coal companies by revenue, opened a Beijing office yesterday and announced plans to take a minimum 20% stake in a joint venture or in local companies in China in the next 12 months, the Wall Street Journal reported. "In five to ten years [China] will be a meaningful segment of our business," said Peabody CFO, Richard Navarre, to the WSJ. Demand in China's coal market is expected to grow 70-80% in the next 15 years according to the US-based company's estimates.
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