Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (85725)	9/16/2011 8:47:14 PM
From: LoneClone	Respond to of 192593

Patriot Slumps After Reporting Reduced Coal Output, Higher Mining Costs By Sonja Elmquist - Sep 16, 2011 8:26 AM PT bloomberg.com Patriot Coal Corp. (PCX), the U.S. coal producer spun off from Peabody Energy Corp. in 2007, fell as much as 9 percent after reporting third-quarter production will be reduced by 450,000 tons and costs will be higher than previously forecast. Patriot fell $1.41, or 9.8 percent, to $12.92 at 11:23 a.m. in New York Stock Exchange composite trading. Shares have dropped 26 percent this year before today. Patriot closed a thermal-coal mine in West Virgina’s Big Mountain complex after a roof collapse caused by a 5.8-magnitude earthquake on Aug. 23, the St. Louis-based company said today in a statement. Costs-per-ton for the company’s Appalachian operations will be “several dollars” higher than previous forecasts, the company said. Longwall moves, which involve relocating heavy- mining machinery, at Patriot’s Federal and Panther mines in West Virginia took longer than planned, the company said. Patriot Chief Financial Officer Mark Schroeder had estimated costs of “mid-$70s” in the company’s July 26 earnings conference call. Management Changes Bennett K. Hatfield will join Patriot as chief operating officer, the company said in a statement. Former COO Charles A. Ebetino Jr. will become senior vice president of global strategy and corporate development. Hatfield, 54, was formerly chief executive officer of International Coal Group Inc. before that company’s sale to Arch Coal Inc. in June. To contact the reporter on this story: Sonja Elmquist in New York at Selmquist1@bloomberg.net To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net.