Patriot Coal Announces Closing of Central Appalachia Mine
03 August 2009 - 1:00PM
PR Newswire (US)
ST. LOUIS, Aug. 3 /PRNewswire-FirstCall/ -- Patriot Coal
Corporation (NYSE:PCX) today announced the closing of the Samples
surface mine located in southern West Virginia. Patriot's
affiliate, Catenary Coal Company, in compliance with the Worker
Adjustment and Retraining Notification Act ("WARN"), advised
employees that their employment at the Samples mine will be
terminated effective October 5, 2009. The mine has an annual
production rate of approximately 2.5 million tons of thermal coal.
"As we continue to balance our production levels with the soft
thermal coal demand, our strategy is to concentrate production at
lower-cost mining complexes. By ceasing operations at this
higher-cost surface mine, Patriot will keep valuable permitted
reserves in the ground until the market yields more favorable
pricing and margins," said Patriot Chief Executive Officer Richard
M. Whiting. "We appreciate the contributions of the employees at
the Samples mine over the years and regret that these challenging
markets have required us to take this action." About Patriot Coal
Patriot Coal Corporation is a leading producer and marketer of coal
in the eastern United States, with 14 current mining complexes in
Appalachia and the Illinois Basin. The Company ships to domestic
and international electric utilities, industrial users and
metallurgical coal customers, and controls approximately 1.8
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: geologic, equipment and operational risks
associated with mining; changes in general economic conditions,
including coal and power market conditions; availability and costs
of credit; reductions of purchases or deferral of deliveries by
major customers; customer performance and credit risks; the outcome
of commercial negotiations involving sales contracts or other
transactions; legislative and regulatory developments; risks
associated with environmental laws and compliance; coal mining laws
and regulations; economic strength and political stability of
countries in which we serve customers; downturns in consumer and
company spending; supplier and contract miner performance and the
availability and cost of key equipment and commodities;
availability and costs of transportation; worldwide economic and
political conditions; labor availability and relations; the
Company's ability to replace coal reserves; the effects of mergers,
acquisitions and divestitures; our ability to respond to changing
customer preferences; price volatility and demand, particularly in
higher margin products; failure to comply with debt covenants; the
outcome of pending or future litigation; weather patterns affecting
energy demand; changes in postretirement benefit obligations;
changes in contribution requirements to multi-employer benefit
funds; 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 and
Form 10-Q 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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