Patriot Coal Corporation today reported that it has reached an agreement to sell approximately 1.5 million tons of metallurgical coal for delivery beginning in April 2010 through early 2011 to steel mills in the Pacific Rim.

The coal will be sourced primarily from the Company’s Panther and
Winchester mines.?

The sale was arranged through a third party, Xcoal, which has an
extensive presence in Asian markets.?

“This transaction opens up new markets for our products, and also
provides Patriot considerable upside in selling additional Panther coal
in global metallurgical coal markets,” commented Patriot Chief Executive
Officer Richard M. Whiting.?

“With this sale, we now expect our 2010 met coal shipments will be more
than 7.0 million tons, with nearly 2.0 million of this volume coming
from the Panther mine.? This represents more than a 30 percent increase
in total met shipments over 2009 levels.? Further, we expect to see
additional opportunities for met coal sales to Asia as 2010 unfolds.”

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.

Source: Patriot Coal Corporation

Search to find what you want

• Macquarie downgrades U.S. coal sector to neutral

    Macquarie Research downgraded the U.S. coal sector to “neutral” from “overweight” as it believes that demand for seaborne metallurgical, or steel-making, coal in China is slowing. Analyst Curt Woodworth said demand is slowing because Chinese domestic metallurgical coal production is increasing and China has built excess inventory of steel.He also said Chinese

• Macquarie downgrades U.S. coal sector to neutral

    Macquarie Research downgraded the U.S. coal sector to “neutral” from “overweight” as it believes that demand for seaborne metallurgical, or steel-making, coal in China is slowing. Analyst Curt Woodworth said demand is slowing because Chinese domestic metallurgical coal production is increasing and China has built excess inventory of steel.He also said Chinese

• Coal demand has increased, not only in the U.S.

    Coal mining companies from Appalachia to Missouri are seeing plenty of rebounding demand, just not in this nation. Fresh from reporting third-quarter earnings, coal producers say Asian economies are increasingly hungry for energy even as the hardest-hit mining regions in the U.S.

• BHP Billiton will enter into a joint venture for its Indonesian coal project

    BHP Billiton has today announced it has entered into binding agreements to create a new joint venture for its Indonesian Coal Project (ICP) with a subsidiary of PT Adaro Energy TBK (Adaro), which has agreed to acquire a 25 per cent interest in the ICP joint venture.? BHP Billiton holds

• BHP Billiton will enter into a joint venture for its Indonesian coal project

    BHP Billiton has today announced it has entered into binding agreements to create a new joint venture for its Indonesian Coal Project (ICP) with a subsidiary of PT Adaro Energy TBK (Adaro), which has agreed to acquire a 25 per cent interest in the ICP joint venture.? BHP Billiton holds

• Peabody Energy Board of Directors Approves 1 million tonnes per annum of coal expansion

    The Board of Directors of Peabody Energy approved the upgrade and expansion of the Metropolitan Mine in New South Wales, Australia. The expansion is expected to increase capacity by 1 million tons within several years. Capital investments for the expansion are expected to total $70 million, of which approximately $15

• Anglo American: China Steel Output Helps Drive Met Coal Demand

    Anglo American PLC said recent growth of China’s metallurgical coal imports has been driven by a recovery in steel production and reduced domestic coal output.“China demand [is] emerging strongly as high cost domestic production has been displaced,” Ian Cockerill, chief executive for the company’s Anglo Coal business, said in presentation slides posted

• BHP and Hancock, the development of new Queensland coal terminal

    The North Queensland Bulk Port Corporation (NQBP) has been awarded the preferred devel-oper status by BHP Billiton and Hancock Coal for two new coal terminals at the Abbot Point port. NQBP chairperson Leonie Taylor says that the new ter-minals will be single-user ter-minals providing BHP and Hancock with the capacity

• Russia Jan-Feb-ore concentrate, coal, coke Output Up On years

    Russia produced 14.7 million metric tons? of iron ore concentrate in January-February, 37% more than in the year-earlier period, the state statistics service announced Wednesday. Coal output in January-February increased by 17% on the year earlier to 53.8 million tons and metallurgical coke output increased by 40% to 4.5 million tons.

• China Coal Energy coal output in October hiked 13%

    China Coal Energy Co., Ltd. harvested a raw coal output of 9.32 million tons in October 2009, up 13% year on year; and a coal export volume of 9.4 million tons, increasing 33.8%, according to a latest data report released by the Chinese coal giant. In the month, domestic coal