ST. LOUIS, Jan. 18, 2012 /PRNewswire/ -- Patriot Coal
Corporation (NYSE: PCX) today announced that it has entered into a
consent decree with the Ohio Valley Environmental Coalition, Inc.,
the West Virginia Highlands Conservancy, Inc. and the Sierra Club
to resolve claims under the Clean Water Act relating to Patriot's
mining activities in West
Virginia.
"Selenium is an issue that many companies involved in coal
mining must confront. Today's settlement by Patriot
represents a strategic response to this challenging issue. We
are pleased that this settlement provides a comprehensive framework
for Patriot to address selenium across our properties going
forward," stated Patriot President and Chief Executive Officer
Richard M. Whiting. "We
believe the consent decree serves the interests of both the public
and our stockholders."
As a result of the negotiated settlement, the Company has agreed
to a comprehensive plan which provides for the necessary time and
flexibility in the development, selection and implementation of
emerging technologies to meet compliance deadlines in the future.
To resolve claims related to the consent decree, the Company
will pay $7.5 million in civil
penalties, to be allocated between the federal government and the
West Virginia Land Trust for land preservation projects within the
Kanawha River and Guyandotte River watersheds.
The consent decree, which has been filed with the U.S. District
Court for the Southern District of West
Virginia, is subject to a public comment period and must be
approved by the Court before it becomes effective.
About Patriot Coal
Patriot Coal Corporation is a leading producer and marketer
of coal in the eastern United
States, with 14 active mining complexes in Appalachia and
the Illinois Basin. The Company 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. 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: price volatility and demand, particularly in higher margin
products; geologic, equipment and operational risks associated with
mining; changes in general economic conditions, including coal,
power and steel market conditions; coal mining laws and
regulations; the availability and costs of competing energy
resources; legislative and regulatory developments; risks
associated with environmental laws and compliance, including
selenium-related matters; developments in greenhouse gas emission
regulation and treatment; negotiation of labor contracts, labor
availability and relations; the outcome of pending or future
litigation; changes in the costs to provide healthcare to eligible
active employees and certain retirees under postretirement benefit
obligations; increases to contribution requirements to
multi-employer retiree healthcare and pension plans; reductions of
purchases or deferral of shipments by major customers; availability
and costs of credit; customer performance and credit risks;
inflationary trends; worldwide economic and political conditions;
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; the
Company's ability to replace coal reserves; the outcome of
commercial negotiations involving sales contracts or other
transactions; our ability to respond to changing customer
preferences; failure to comply with debt covenants; the effects of
mergers, acquisitions and divestitures; and weather patterns
affecting energy demand or disrupting coal supply. 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.
SOURCE Patriot Coal Corporation