Patriot Coal Corp. declared that it will close one of its central Appalachia mines, located in southern West Virginia, resulting in the termination of all employees working there, effective Oct. 5. For full story, click here
Patriot Coal Corp. declared that a key metallurgical coal customer agreed to purchase the originally contracted volumes for the rest of the year, and that its second-quarter earnings would be largely driven by the deal. For full story, click here
Patriot Coal Corp. reported that it’s cutting another 2 million tons of southern West Virginia production due to weak market conditions. For full story, click here
Coal stocks have been hit hard in this recession, given slumping electricity demand in the U.S. and the sharp drop-off of steel demand. For shareholders of Patriot Coal Corp (PCX: NYSE), the pain has been particularly acute. The stock lost 96 per cent of its value since last June's record highs. This year alone, Patriot's stock is down 41 per cent versus a 1 per cent decline by the Dow Jones U.S. Coal Index.
Five insiders have purchased $1.2 million of the coal miner’s stock, as the stock of Patriot Coal came off its highs. For more information, click here For company’s website, click here
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