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Peabody Energy said it had agreed to sell its New Mexico and Colorado coal assets to Bowie Resource Partners for $358 million in cash.
Shares of the company jumped more than 15 percent in premarket trading following the announcement. (Get the latest quote here.)
Bowie will also assume about $105 million in related liabilities, Peabody said on Friday.
Bowie, which confirmed the deal later in the day, said the acquisition would nearly double its production output to 25 million tons per year, generating annual revenue of $1 billion.
The deal includes the El Segundo and Lee Ranch mines in New Mexico and the Twentymile Mine in Colorado, which have combined coal reserves of about 330 million tons, the company said.
The mines are expected to produce 11 million tons and generate pre-tax cash flows after capital expenditures of about $70 million in 2016, Peabody said.
The company said the deal will lower the amount of its self-bonding in place for reclamation obligations by more than $300 million.
Peabody is one among many in an industry struggling to cope with a years-long slump in prices of steel-making and power-generating coal.