Peabody Energy signs deal to source Indonesian coal

Peabody Energy, a coal company, has signed a deal with Indonesia-based PT Cahaya Energi Mandiri (CEM) to source two million tons of coal for Asian export.

Coal from PT CEM will be secured over two years from a mine in the East Kalimantan province of Indonesia.

Peabody said that the latest contract marks the third term agreement the company has secured in recent months, which together account for 5.5 million tons of Indonesian coal.

Peabody president and chief commercial officer Richard Navarre said that the company's coal trading and brokerage platform continues to expand to serve high-growth Asia-Pacific markets.

"We will continue to increase our coal sourcing in Indonesia, the world's largest supplier of seaborne thermal coal," Navarre said. Source: Energy Business Review