Peabody is one of the world's largest coal producers, with mining operations in the U.S. and Australia across two main coal types: metallurgical coal (used in steelmaking) and thermal coal (used in power generation). Peabody sells to steel mills, power utilities, and industrial facilities. Roughly 87% of sales by volume are made under long-term agreements, providing revenue visibility. Peabody operates through four segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin (PRB), and Other U.S. Thermal. The Seaborne Thermal segment exports Australian thermal coal to Asian markets; despite modest volumes (~20% of total), it generates about half of total revenue with high margins. The PRB segment is the largest by volume (~55-60%), producing low-cost sub-bituminous coal for U.S. power plants at thin per-ton margins, but generates consistent cash flow at scale. Other U.S. Thermal supplies higher-BTU coal to eastern and central U.S. utilities under long-term contracts. Peabody's strategic focus is the Seaborne Metallurgical segment, where the company is ramping Centurion, a new underground longwall mine in Queensland producing premium hard coking coal. Centurion is expected to produce 4.7 million tons per year at full run-rate, and management estimates the mine's NPV at $2.1B. As Centurion ramps, Peabody expects its met coal realizations to improve from ~70% to ~80% of the benchmark price. Peabody is also at an early stage exploring rare earth and critical mineral extraction from its PRB landholdings.