Patriot Coal Corporation (OTC Pink: PATCA) today announced that it will permanently close the Highland Mine located near Henderson, Kentucky, and the Dodge Hill Mining Complex located near Sturgis, Kentucky, effective December 31, 2014. The Heritage preparation plant and barge loading terminal on the Ohio River will continue processing and shipping coal until inventories are depleted.
As part of Patriot's review of strategic options, the Company is selling certain assets in the west Kentucky region, along with certain coal supply agreements, to affiliates of Alliance Resource Partners, L.P., and certain coal reserves also in the west Kentucky region to a related party of Alliance Resource Partners, L.P.
The Company is engaged in separate talks to sell the closed Highland mine and Heritage facilities to other parties and expects to conclude such transactions in the first half of 2015.
About Patriot CoalPatriot Coal Corporation is a producer and marketer of coal in the eastern United States, with 8 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.
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SOURCE Patriot Coal Corporation