PCX Patriot Coal Corp.

Coal producers are benefitting from skyrocketing demand and improved pricing of late. Meanwhile, Coal shortages in China and India are directly assisting US exporters and have played a major role in the better pricing environment. The Bedford Report examines the outlook for companies in the coal industry and provides equity research on Patriot Coal Corporation (NYSE: PCX) and Peabody Energy Corporation (NYSE: BTU). Access to the full company reports can be found at:

www.bedfordreport.com/PCX

www.bedfordreport.com/BTU

A recent note from Deutsche Bank this summer argues that Chinese thermal coal imports will stabilize at around 100 million tonnes a year instead of rising, as previously expected, because of improvements to the country's own coal output and rail capacity. Xinjiang province is the key developmental area in the next 10 years for the Chinese coal industry as its coal resources amount to roughly 40 percent of the national total.

Deutsche Bank said that despite higher total demand, Chinese net imports in the first five months of this year were between 5 million and 11 million tonnes a month -- down from the year earlier.

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In the recent quarter Peabody signed an agreement to develop a huge Chinese surface mine expected to produce 50 million tons of coal a year for decades. The coal producer predicted strong results for the rest of 2011, as it undertakes what it called its biggest global expansion in its 128-year history.

Patriot Coal Corporation ships to domestic and international electricity generators, industrial users and metallurgical coal customers, and controls approximately 1.9 billion tons of proven and probable coal reserves. Patriot is coming off a quarter that saw revenue climb 17.3% on a year over year basis.

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