Peabody Energy Corp. plans to resume production next quarter at its North Goonyella mine in Australia, which has been closed since a 2018 fire.
The company expects to produce development coal in the first quarter, with longwall mining expected in 2026, according to a statement Tuesday. Peabody also said it agreed in October to acquire an adjacent area to expand the reserves and is renaming the facility Centurion Mine.
The facility will have enough reserves for about 25 years, Peabody said. North Goonyella supplies metallurgical coal for making steel.
Shares of Peabody rose 1.2% before the start of regular trading in New York.
