St. Louis, US-based coal giant Peabody Energy and China's Winsway Coking Coal Holdings Ltd (Winsway) on July 1 announced that they have entered into a joint venture agreement in Mongolia, creating Peabody-Winsway Resources, after Winsway purchased the 50 percent interest in the joint venture formerly owned by Polo Resources.
Winsway distributes and transports coal from Mongolia and other countries into China through its integrated service platform. Newly established Peabody-Winsway Resources holds coal and uranium licenses in Mongolia, and is conducting an active exploration program in the South Gobi region and throughout Mongolia.
"We believe there are significant synergies combining Winsway's logistics capabilities as the leading Chinese importer of Mongolian coal with Peabody's leading global coal production and marketing position, creating an ideal platform to accelerate development of our Mongolian assets," said Peabody president and chief commercial officer Richard A. Navarre.