Coal miner Peabody eyes Australia, Mongolia expansion

Coal miner Peabody Energy (BTU.N), rebuffed in a recent acquisition bid in Australia, still wants to expand Down Under to meet Asian demand and is also pursuing opportunities in Mongolia.

The press release is quoted as saying:

Peabody, which mines in most U.S. regions, expanded into Australia, the world’s largest coal exporter, by acquiring Excel Coal Ltd for about $1.3 billion in 2006. But last month, it was spurned by Macarthur Coal (MCC.AX), whose board turned down Peabody’s $3.5 billion bid.

Click here to access the entire press release