The U.S. mining giant, Peabody Energy is hoping to increase coal production in Australia. It has revealed its plans to investors to increase its production in the next five years from 22.3 million tones currently, to around 35-40 million tonnes. It expects the global demand for coal to increase significantly, in the coming years.

Peabody's offer to acquire Macarthur Coal Ltd. was rejected by the Australian Company as it termed that the price was very less. The U.S. Company had lowered its earlier offer, after hearing about the proposed resources super profits tax by the Australian Government.

But, experts feel that such a move at this time may not be a wise thing to do. Experts feel that the proposed tax will slow down a lot of investment in the energy sector ands can also lead to the erosion of a lot of jobs.  

The U.S. Company also admitted that it was confident that the proposed measures may be implemented in some or the other from, in the coming days. It expects that the Australian Government will also offer some type of concessions.  

It has stressed that it is moving ahead on its various projects and it also expects that a meaningful improvement will take place in the coming times.

On the other hand, most of the coal industry is willing to shelve its investment plans, in case the Australian Government implements the proposed mining tax.