Peabody offloads Burton coal mine stake

US miner Peabody Energy has sold the majority of the shuttered Burton coal mine in QLD’s Bowen Basin for $US11 million to the Lenton joint venture (JV).

90 per cent owned by New Hope Coal, the Lenton JV will assume the reclamation obligations associated with the assets, thereby reducing Peabody’s retirement obligation by about $US53m, while also releasing an estimated $US30m of restricted cash.