LONDON (dpa-AFX) - Peabody (BTU) has terminated purchase agreements with Anglo American Plc due to a material adverse change relating to Anglo's steelmaking coal assets. Peabody's decision comes nearly five months after an ignition event occurred at Anglo's Moranbah North Mine. Peabody has also terminated the agreement for the related sale of the Dawson Mine to PT Bukit Makmur Mandiri Utama.
'The two companies did not reach a revised agreement to cure the MAC that compensated Peabody for the material and long-term impacts of the MAC on the most significant mine in the planned acquisition,' said Peabody CEO Jim Grech.
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