Peabody Energy has opened an office in Jakarta, Indonesia, to expand business development and coal sourcing opportunities to serve the fast-growing Pacific markets.
"Indonesia is the world's largest source of export thermal coal," said Peabody chairman and chief executive officer Gregory Boyce. "The company's presence in Jakarta expands our ability to serve India, China and other key Asian markets. "The Pacific markets are driving global demand for coal and are expected to achieve 5 to 10 percent compound annual growth over the next five or more years."
India is the world's fastest-growing coal importer and could be short as much as 200 mtof coal in the next five years. China is the world's largest coal consumer and has been importing coal at a record pace in 2009.
Peabody's Jakarta office will be led by Reynard Hanoppo, who joins Peabody after more than a decade of managing sales for PT Kideco Jaya Agung, Indonesia's third-largest coal producer. He will report to Peabody's MD of Asian Trading Phillip Smith.
