ST. LOUIS, Oct. 8 /PRNewswire-FirstCall/ -- Peabody Energy (NYSE: BTU) today announced it has opened an office in Jakarta, Indonesia, to expand business development and coal sourcing opportunities to serve the fast-growing Pacific markets.
"Indonesia is the world's largest source of export thermal coal," said Peabody Chairman and Chief Executive Officer Gregory H. Boyce. "The company's presence in Jakarta expands our ability to serve India, China and other key Asian markets. The Pacific markets are driving global demand for coal and are expected to achieve 5 to 10 percent compound annual growth over the next five or more years."
India is the world's fastest-growing coal importer and could be short as much as 200 million tons of coal in the next five years. China is the world's largest coal consumer and has been importing coal at a record pace in 2009.
Peabody's Jakarta office will be led by Reynard Hanoppo, who joins Peabody after more than a decade of managing sales for PT Kideco Jaya Agung, Indonesia's third-largest coal producer. Hanoppo has a Bachelor of Science degree from the London School of Economics and Political Science. He will report to Peabody's Managing Director of Asian Trading Phillip V. Smith.
Peabody serves nearly 330 customers in 21 nations on six continents and has trading and business offices in China, Australia, the United Kingdom, Venezuela, Singapore, Indonesia and the United States. Last year, Peabody nearly doubled its EBITDA contributions from global trading and brokerage activities.
Peabody Energy is the world's largest private-sector coal company, with 2008 sales of 256 million tons and $6.6 billion in revenues. Its coal products fuel 10 percent of all U.S. electricity generation and 2 percent of worldwide electricity.
CONTACT: Beth Sutton (928) 522-7008
SOURCE Peabody Energy