The company has succeeded in its cost-containment efforts that led to $340 million in savings and a 67% reduction in capital expenditures, he said.

In Australia, Peabody converted multiple mines from contractor to company control and upgraded PCI mines acquired in 2011.

These actions and others drove productivity improvement of 27% and enabled the company to reduce per ton operating costs to levels not seen since 2010, Boyce said.

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n the US, Peabody operated the world's most productive coal mine – North Antelope Rochelle – and increased overall mine productivity 9%, achieving the lowest US operating costs per ton in two years.

“2013 was a year of substantial achievement despite market headwinds,” Boyce said.

“We matched our record safety performance from 2012, increased productivity, reduced costs, lowered capital investments, generated solid cashflow and repaid debt.”

Boyce said coal demand continued to grow, and fundamentals are expected to improve throughout the year.

“The world continues to turn to coal as the fastest-growing major fuel, and coal is the energy source projected to surpass oil in coming years as the largest global fuel," he said.

“Going forward, we will need all forms of energy to meet enormous global demand, yet it is 21st century coal that provides the most compelling path to providing abundant, affordable energy that drives economic progress and improves quality of life – while allowing us to achieve our environmental goals.”