Patriot Coal CEO resigns
TORONTO (miningweekly.com) – US coal producer Patriot Coal on Friday announced that VP and chief marketing officer Robert Bennett would take over from president and CEO Bennett Hatfield, who had resigned.
Bennett took the reins in October 2012, mere months after the company filed for Chapter 11 protection. Under his leadership Patriot emerged from an 18-month-long reorganisation as a well-capitalised private company.
However, North American coal miners were dealing with weak prices amid low demand for thermal electricity-making coal and metallurgical steelmaking coal as competition from the emerging shale gas industry impacted on markets, causing prices to decline. This had resulted in the company idling several of its operations in eastern US.
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