Peabody Energy announced the lease of 721 million tons of ultralow sulfur coal reserves adjacent to its North Antelope Rochelle mine (NARM) in the Southern Powder River Basin of Wyoming. The company submitted a bid of $1.10/mineable ton for control of the North Porcupine reserve area to the Bureau of Land Management (BLM), which awarded the lease following a sealed bid auction process.

Peabody has successfully leased more than 1.1 billion tons of reserves adjacent to its North Antelope Rochelle mine in recent months, and the company controls 4 billion tons of coal reserves in the region. Peabody is the market leader in the Powder River Basin as the largest producer and reserve holder. NARM shipped 109 million tons in 2011.