Patriot Coal's Federal Mine Temporarily Suspended
February 22 2010 - 6:36PM
PR Newswire (US)
ST. LOUIS, Feb. 22 /PRNewswire-FirstCall/ -- Patriot Coal
Corporation (NYSE:PCX) today announced that it has temporarily
suspended active mining operations at its Federal No. 2 mine near
Fairview, West Virginia after discovering potentially adverse
atmospheric conditions on Thursday, February 18 in an abandoned
area of the mine. As a safety precaution, and in accordance with
federal regulations, the Company immediately evacuated all
personnel from the mine. The Company is currently conducting
additional testing and is working with the U.S. Department of
Labor, Mine Safety & Health Administration to develop a plan to
address this issue so that active mining operations can resume. A
limited number of personnel have been permitted by MSHA to re-enter
the mine to maintain the mine and equipment until active mining
operations resume, the timing of which is uncertain at this time.
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; 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; developments in greenhouse gas emission, regulation and
treatment; coal mining laws and regulations; availability and costs
of credit; 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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