Alpha, which filed for bankruptcy in August last year, is scheduled to ask a federal judge Thursday to approve its exit plan despite objections to it.
Patriot Coal Corp Mining News
Report claims that Walter Energy, Patriot Coal, Alpha Natural Resources, Arch Coal and Peabody Energy also allocated more than half a billion dollars for top executives salaries in decade before going bankrupt.
She is still trying to recover from her televised comments in March, when she said she would put coal companies and miners out of business.
This is the third time in a month the U.S. coal miner downsizes its workforce.
The freeze on new leases for coal mined from federal lands is part of a sweeping review of the federal coal plan.
Documentary to air Jan. 26 on PBS tells the story of how coal miners came together in a protracted struggle for their rights.
In his final State of the Union address, Obama said companies leasing coal and oil rights on federal land should pay more for the effects those fuels have on climate change.
Analysts from McKinsey and Co. warn the U.S. is currently home to a collection of “zombie mines” that cannot turn a profit, but are too costly to close.
Use of coal for power generation peaked about two years ago, a new report suggests.
While the US Democratic presidential candidate doesn’t believe in coal mining, she plans to invest in job training and education, infrastructure and healthcare, and projects to turn abandoned mines into new real estate.
The total number of operating coal mines in the U.S. has hit its lowest point since at least 1923, one of the earliest year on record, according to the Energy Information Administration.
Average sales margins for coal miners have fallen by about half since 2011, forcing three of the U.S.'s largest publicly traded producers to file for bankruptcy protection this year.
The planned cuts, about 21% of Murray’s workforce, will come largely at mines in Ohio and West Virginia, a state hit hard by recent coal mine closures and layoffs.
The US coal miner listed assets and liabilities of more than $1 billion each in court filings.
The coal miner, which emerged from bankruptcy only a year ago, had warned earlier this month it might have to make “substantial” job cuts at those facilities.
Patriot Coal has closed another mine, bringing to four the number of its coal operations shut this year due to continuing weakness in market demand. The St. Louis-based company is idling the Freedom underground mine in Kentucky, giving 60 days notice to its employees.
Patriot Coal Corp. recorded a $38.3 million fourth-quarter loss that included civil penalties related to the settlement of a selenium pollution lawsuit in West Virginia and restructuring costs.
Patriot Coal was beaten down more than 12% on Friday after announcing it will cut production of coking coal due to weakening global demand.
Coal producers are benefitting from skyrocketing demand and improved pricing of late. Meanwhile, Coal shortages in China and India are directly assisting US exporters and have played a major role in the better pricing environment.
As global coal demand continues to increase, Patriot Coal Corporation (NYSE:PCX) (St. Louis, Missouri) is continuing construction and preparations to increase production at the company's mines. At a conference call yesterday discussing the company's second fiscal quarter, Patriot President and CEO Richard Whiting spoke about the company's expansion of its metallurgical coal mines, known as the "Met Build-Out" project.
Coal producer Patriot Coal Corporation (NYSE: PCX - News) posted operating earnings of 13 cents per share for the second quarter, surpassing the Zacks Consensus Estimate of 10 cents.
According to a report from Reuters, Patriot Coal Corp. has halted production at its Rivers Edge metallurgical mine in West Virginia due to flooding in a sealed, mined-out area. An employee at its Rivers Edge mine discovered excess water behind two seals on March 7, which prompted the Mine Safety and Health Administration (MSHA) to issue an imminent danger order, the St. Louis, Missouri-based firm said in a regulatory filing. Patriot said the flooding, which followed heavy rain, led to an evacuation of the mine.