MARKETS

Patriot adds JV stripes

PATRIOT Coal added to its development portfolio this week, entering a joint venture with Rhino Eastern for property in Central Appalachia.

Staff Reporter
Patriot adds JV stripes

The metallurgical reserves under the agreement are located near Patriot's Rocklick preparation facility. Rhino Eastern will hold a 51% interest in the project and has contributed reserves as well as $US10.1 million in cash.

The agreement also outlines the purchase of two existing underground operations with a reserve total of 5 million tons from the Eagle seam. Coal from these two mines will go to the Rocklick plant for processing.

By the end of the year, the companies anticipate building production to more than 500,000 annual tons.

“This is another example of a bolt-on transaction that allows us to more fully utilise our extensive reserve base, as well as our existing physical infrastructure," said Patriot chief executive Richard Whiting.

“The project will add more volume to our portfolio of premium high-volatile coking coal for sales to a longstanding base of domestic and international customers."

Patriot currently controls 1.3 billion tons of reserves, both probable and proven, across 10 company-operated mines and several contractor operations in Appalachia and the Illinois Basin.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalogue of 2022 Initial Resource Estimates and recent discovery successes.