Alberta to introduce ‘modern’ coal policy, including ban on new open-pit projects
The new policy will not affect those qualified as "advanced coal projects" such as the controversial Grassy Mountain mine.
ST. LOUIS, Dec. 5, 2014 /PRNewswire/ — Patriot Coal Corporation (OTC Pink: PATCA) today issued WARN Act notices to all employees at the Highland mining complex located near Henderson, Kentucky, and the Dodge Hill mining complex located near Sturgis, Kentucky. Together, the Highland and Dodge Hill complexes employ approximately 670 people and produced 3.9 million tons of thermal coal in 2013.
Low natural gas prices, together with EPA regulations designed to curtail low-cost coal-fueled energy, continue to drive down thermal coal prices, resulting in operating losses at many mines across the United States. Management is evaluating various strategic options for Highland and Dodge Hill that may result in substantial workforce reductions within the next 60 days.
About Patriot Coal
Patriot Coal Corporation is a producer and marketer of coal in the eastern United States, with 10 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 1.8 billion tons of proven and probable coal reserves.
Forward-Looking Statements
Certain statements in this press release are forward-looking. These statements involve certain risks and uncertainties that may be beyond the Company’s control and may cause actual future results to differ materially from current expectations. Factors that could affect the Company’s results include, but are not limited to factors detailed from time to time in the Company’s reports and other information posted on its website or included in a press release. The Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date of this press release or to reflect the occurrence of unanticipated events.
SOURCE Patriot Coal Corporation
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http://www.patriotcoal.com
