The coal will be sourced primarily from the company’s Panther and Winchester mines. The sale was arranged through a third party, Xcoal.
Richard Whiting, CEO of Patriot Coal, said: “This transaction opens up new markets for our products, and also provides Patriot considerable upside in selling additional Panther coal in global metallurgical coal markets.
“With this sale, we now expect our 2010 met coal shipments will be more than seven million tons, with nearly two million of this volume coming from the Panther mine. This represents more than a 30% increase in total met shipments over 2009 levels. Further, we expect to see additional opportunities for met coal sales to Asia as 2010 unfolds.”
Patriot Coal is a producer and marketer of coal in the eastern US, with 14 current mining complexes in Appalachia and the Illinois basin.
