Peabody Energy Corp. announced its plan to recommence production at the North Goonyella mine in Australia in the first quarter of 2024, marking a significant development since it was closed due to a fire in 2018.

The North Goonyella mine will now be known as the Centurion mine.

The project is expected to reweight Peabody's long-term production and revenue toward metallurgical coal when longwall production commences in 2026, according to the statement released on December 19.

In October, the company reached an agreement to acquire a large portion of the Wards Well coal deposit adjacent to the existing North Goonyella mine.

The new name reflects the pending addition of the acquired resources, creating a premier, tier one premium hard coking coal mine with a life of 25 years or more, Peabody said.