Patriot Coal’s High-Price Coal Contract Drives Shares Up

Reuters reported that shares of Patriot Coal (NYSE:PCX) are up on news it has secured a multi-year coal contract at higher prices.

The market news is quoted as saying:

Patriot said it will sell 3 million tons of steel-making or metallurgical (met) coal at $173 per ton in 2011 and 2012. It had previously contracted over 2 million tons of met coal for about $135 per ton.

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