Patriot Coal cuts deal to export to Asia, boost W.Va. production
By APTuesday, March 16, 2010
Patriot Coal cuts deal to export to Asia
CHARLESTON, W.Va. — Patriot Coal says it’s landed a deal to export 1.5 million tons of metallurgical coal to Asia.
In a regulatory filing Tuesday, the miner said that the sale will boost its metallurgical coal shipments to 7 million tons this year, up 30 percent from 2009. Patriot provided no details about price or the buyer.
Asia is recovering from the global economic downturn more quickly than the U.S. or Europe and that has U.S. producers shifting operations to meet demand in countries like China and India.
West Virginia’s coal industry has struggled with cutbacks and low demand domestically. Patriot says the coal is coming from its Winchester and Panther mines in southern West Virginia.
St. Louis-based Patriot operates 14 mining complexes in West Virginia and Kentucky.
