Patriot Coal moves headquarters to save costs, be closer to operations
TORONTO (miningweekly.com) – In an effort to cut administrative costs and with the benefit of moving senior management closer to its mining operations and customers, US coal miner Patriot Coal on Friday announced that effective January 1, its operations office in Scott Depot, West Virginia had become the company's corporate headquarters.
The transition of corporate office functions started in November and was expected to be complete in the current quarter.
On the last day of 2014, Patriot announced that it would permanently close its Highland mine, near Henderson, Kentucky, and the Dodge Hill mining complex, near Sturgis, Kentucky, with immediate effect. The Heritage preparation plant and barge-loading terminal on the Ohio river would continue processing and shipping coal until inventories had been depleted.
As part of Patriot's review of strategic options, it was selling certain assets in the west Kentucky region, along with certain coal supply agreements, to affiliates of Alliance Resource Partners limited partnership and certain coal reserves, also in the west Kentucky region, to a related party of Alliance.
The company was looking to sell its closed Highland mine and Heritage facilities to other parties and expected to conclude such transactions in the first half of 2015.
North American coal miners were dealing with weak coal prices amid low demand for thermal electricity-making coal and metallurgical steelmaking coal as competition from the emerging shale gas industry and slower economic growth in emerging markets impacted the industry.
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