CHARLESTON, W.Va. (AP) - Coal mining giant Peabody Energy has
completed the spinoff of its Appalachian mining operations into a
separate public company.
Patriot Coal Corp. said Thursday that its shares have begun
trading on the New York Stock Exchange.
Chief Executive Richard Whiting calls the spinoff an exciting
Patriot consists of about 19 Peabody mines and preparation
plants in West Virginia and Kentucky. The St. Louis-based company
controls about 1.2 billion tons of coal in Appalachia and the
Approximately 26.6 million shares of Patriot stock were
distributed to Peabody shareholders. They received one share of
Patriot for every 10 shares of Peabody.