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Production pruning - Patriot Coal to cut coking coal production
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Saturday, 15 Sep 2012
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Patriot Coal Corporation announced temporary curtailments of approximately 85,000 tons of metallurgical coal production per month in response to further weakening of market demand.

The production cuts will occur at three Southern West Virginia mine complexes, Kanawha Eagle, Rocklick and Wells, over the next 60 days. In total, approximately 250 employee and contractor positions will be impacted by these actions.

Patriot President and Chief Operating Officer Mr Bennett K Hatfield said “Metallurgical coal demand and pricing declined rapidly over the last two months as a result of slowdowns in economies around the world. These actions are designed to bring our production in line with expected sales and focus capital resources on our lowest cost operations as we proceed with our reorganization."

Patriot Coal Corporation is a producer and marketer of coal in the eastern United States, with 12 active mining complexes in Appalachia and the Illinois Basin.

Patriot 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.


Source - Patriot Coal

(www.coalguru.com)

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