By St. Louis Business Journal

Peabody Energy said Thursday it entered into a joint venture with Winsway Coking Coal Holdings Ltd. in Mongolia, creating Peabody-Winsway Resources, after Winsway purchased the 50 percent interest in the joint venture formerly owned by Polo Resources.

Winsway is one of the leading suppliers in China of imported coking coal. It distributes and transports coal from Mongolia and other countries into China, the largest consumer of steel.

Peabody also said Thursday that it completed Mongoliaâ¿¿s first coal mine restoration project at the former Ereen Mine near the city of Bulgan. The project restored an area to pastureland with native forage species and developed a new community well and a surface pond for livestock.

St. Louis-based Peabody Energy (NYSE: BTU) is the world's largest private-sector coal company with $6 billion in revenue in 2009. Peabody fuels 10 percent of U.S. power and 2 percent of worldwide electricity.

Copyright 2010 American City Business Journals
Copyright 2010