ST. LOUIS, March 5 /PRNewswire-FirstCall/ -- Patriot Coal Corporation today reported that it has temporarily suspended active mining operations at the Federal No. 2 mine near Fairview, West Virginia. Mining operations ceased after one measurement in an abandoned area of the mine was found to be out of compliance during routine testing in accordance with the mine's ventilation plan. As a result, the Company is making further refinements to its ventilation plan to address these conditions. The Company intends to review these refinements with the U.S. Department of Labor, Mine Safety & Health Administration as soon as possible in order to resume production at the mine.
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 presentation 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 and power market conditions; the availability and costs of competing energy resources; legislative and regulatory developments; risks associated with environmental laws and compliance; developments in greenhouse gas emission regulation and treatment; coal mining laws and regulations; labor availability and relations; changes in postretirement benefit obligations; changes in contribution requirements to multi-employer benefit funds; reductions of purchases or deferral of deliveries 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 outcome of pending or future litigation; the effects of mergers, acquisitions and divestitures; and weather patterns affecting energy demand. 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.
Patriot Coal Corporation
CONTACT: Janine Orf of Patriot Coal Corporation, +1-314-275-3680,
jorf@patriotcoal.com
Web Site: http://www.patriotcoal.com/
