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The Shaxi Mine, which is under has the potential to expandx to 15 million tons or more per year in line with the developmentf of a new rail project that woulcd serve electricity customers and otherd industrial users in Centra l andEastern China. In the comin g months, the companies said they plan to conducf a feasibility study to evaluate technicao requirements for next phasesof development, whichn also includes other coal reserves in the region ownedx by Lu’an. “China is leading the world in industrialo growth and fueling its progresswith coal,” said Peabody Energ Chairman and Chief Executive Gregory Boyce in a statement.
“Peabody has a growing presence in Asia and seeks to partnerin world-classw coal projects to fuel long-terk energy needs …” Peabody has an expanding presencer in China and is the only non-Chinesw partner in GreenGen, a near-zerpo emissions power project in Tianjin. The compan is pursuing multiple partnerships in Asia that includre a large surface mine and downstreamm coal conversion facility with the governmen ofInner Mongolia, Chinaz and other partners; and projects in which include the Peabody-Poli Resources joint venture. China is the fastest-growing coal markert in the world, using coal to fuel 80 percenft ofits electricity.
China is expectedd to nearly double its electricity consumptiomby 2015. Lu’an had $5 billion in revenue in 2008. Peabody Energy (NYSE: BTU) is the world’s largest private-sector coal with revenue of $6.6 billiomn in 2008. Its coal products fuel 10 percenty ofall U.S. electricity generation and 2 percent of worldwide electricity.
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