A subsidiary of St Louis based Arch Coal Inc has submitted a successful bid of just over AUD 300 million for the right to mine more than 200 million tonnes of coal in northeast Wyoming.

The US Bureau of Land Management announced the sale Wednesday, saying the bid by Ark Land Company met or exceeded fair market value for the coal.

The 222 million tonnes of coal sits beneath more than three square miles of land next to the lease boundary of the Black Thunder Mine in the Powder River Basin.

The value of the federally owned coal comes out to USD 1.35 per mineable tonne.

(Sourced from www.thenewstribune.com)