Patriot Coal Announces Closing of Central Appalachia Mine
Tuesday, August 4th, 2009
Patriot Coal Corporation (NYSE:PCX) announce 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.”
For further information visit: www.patriotcoal.com