South32 makes first acquisition, pays $200m for Peabody mine in Australia

Diversified miner South32 has made its first acquisition since demerging from major BHP Billiton, spending $200-million on US major Peabody Energy’s Metropolitan colliery and its 16.67% stake in the Port Kembla coal terminal, in New South Wales. “The Metropolitan colliery is a natural fit within our portfolio and the acquisition is consistent with our strategy to invest in high-quality mining operations where we can create value,” Souht32 CEO Graham Kerr said on Thursday.