Patriot Coal Announces Closure of Jupiter Mine
Patriot Coal Corporation announced the closure of its Jupiter mining complex. The Company announced on September 29, 2008, its intention to idle the Jupiter thermal coal facility. In connection with the closing of the facility, the Company gave notice today, in compliance with the Worker Adjustment and Retraining Notification Act, that employees will be laid off from employment between March 12 and March 25. The decision to idle the Jupiter mining complex was made as part of a comprehensive review of the Company’s properties and was based on Jupiter’s unacceptably high cost structure, coupled with softer market conditions.
Patriot Coal Corporation is the third largest producer and marketer of coal in the eastern United States, with 16 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 1.9 billion tons of proven and probable coal reserves. The Company’s common stock trades on the New York Stock Exchange under the symbol PCX.