July 17, 2012 / 12:46 PM / in 5 years

UPDATE 1-Peabody Energy, Kinder Morgan sign coal export deal

1 Min Read

July 17 (Reuters) - Peabody Energy Corp, the largest U.S. coal miner, said it signed a deal for increased access to export facilities owned by Kinder Morgan Energy Partners , in a move that will raise its Gulf Coast export capacity.

Kinder Morgan is investing about $400 million to expand its Gulf Coast terminal network. It signed a long-term throughput deal with Arch Coal in January as part of the expansion.

The deal, which will give Peabody access to multiple terminals, will expand the company's Gulf Coast coal export capacity to a range of 5 million to 7 million tons per year between 2014 and 2020.

"Peabody is securing a large-volume, sustainable U.S. export platform to meet growing global seaborne coal demand," said Peabody Chief Executive Officer Gregory Boyce.

Peabody shares rose 10 cents before the bell. They closed at $22.50 on Monday on the New York Stock Exchange.

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