Patriot Coal Idles Jupiter Mining Complex
29 September 2008 - 11:54PM
PR Newswire (US)
ST. LOUIS, Sept. 29 /PRNewswire-FirstCall/ -- Patriot Coal
Corporation (NYSE:PCX) today announced that it intends to idle its
Jupiter mining complex by the end of 2008. The Jupiter complex
produced 1.5 million tons of thermal coal in 2007. The complex
currently consists of one underground mine, and previously included
the Thunderhill surface mine, which was closed as a result of an
October 2007 court injunction that blocked the use of a lawfully
issued mining permit. The constrained underground labor
environment, increased MSHA inspections, and difficult geologic
conditions have contributed to reduced production at the complex in
2008. Combined with the loss of the tons from the surface mine,
this has resulted in an unacceptably high cost structure at the
Jupiter complex. "As part of the combination with Magnum, we have
undertaken a comprehensive review of our mining complexes and their
relative cost structures. The idling of the Jupiter complex is one
step in this process, as we continue to identify synergies and
optimize our combined operations," noted Patriot Chief Executive
Officer Richard M. Whiting. "As this facility is idled, our skilled
workers and operators at the Jupiter complex will be offered
excellent employment opportunities at nearby companies affiliated
with Patriot. This should help Patriot in better addressing the
challenging labor shortages in underground mines in the Central
Appalachian region. Additionally, we plan to redeploy equipment
from Jupiter to other more productive operations to better utilize
our capital." About Patriot Coal Patriot Coal Corporation is the
third largest producer and marketer of coal in the eastern United
States, with 22 Company-operated mines and numerous
contractor-operated mines in Appalachia and the Illinois Basin. The
Company ships to domestic and international electric utilities,
industrial users and metallurgical coal customers, and controls
approximately 1.9 billion tons of proven and probable coal
reserves. The Company's common stock trades on the New York Stock
Exchange under the symbol PCX. Forward Looking Statements Certain
statements in this press release are forward-looking as defined in
the Private Securities Litigation Reform Act of 1995. These
statements involve certain risks and uncertainties that may be
beyond our control and may cause our actual future results to
differ materially from expectations. We do not undertake to update
our forward-looking statements. Factors that could affect our
results include, but are not limited to: changes in laws or
regulations; changes in general economic conditions, including coal
and power market conditions; the outcome of commercial negotiations
involving sales contracts or other transactions; the Company's
dependence on coal supply agreements with Peabody Energy
Corporation in the near future; geologic, equipment and operational
risks associated with mining; supplier and contract miner
performance and the availability and cost of key equipment and
commodities; the Company's ability to replace coal reserves; labor
availability and relations; availability and costs of
transportation; weather patterns affecting energy demand; ability
to obtain mining permits; legislative and regulatory developments;
risks associated with environmental laws and compliance; the
outcome of pending or future litigation; and the availability and
costs of competing energy resources. The Company undertakes no
obligation (and expressly disclaims any such obligation) to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise. For
additional information concerning factors that could cause actual
results to materially differ from those projected herein, please
refer to the Company's Form 10-K, 10-Q, S-4 and 8-K reports.
DATASOURCE: Patriot Coal Corporation CONTACT: Janine Orf of Patriot
Coal Corporation, +1-314-275-3680 Web site:
http://www.patriotcoal.com/
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