Rhino Resource says Patriot bankruptcy's impact on JV uncertain
(Reuters) - Rhino Resource Partners LP (RNO.N) said the impact of partner Patriot Coal Corp's PCX.N bankruptcy filing on their joint venture in West Virginia is uncertain, but it expects operations at the metallurgical coal venture to continue.
Patriot Coal Corp PCX.N filed for bankruptcy on Monday hit by weak coal prices and low demand from electricity producers who have turned to cheaper natural gas.
"Rhino expects the joint venture will continue normal operations and does not expect the bankruptcy filing to have a material negative effect on Rhino Eastern," the company said.
Rhino Eastern, the joint venture in which Patriot holds a 49 percent stake, produced 98,000 tons of steel-making coal during the second quarter. (Reporting by Swetha Gopinath in Bangalore; Editing by Don Sebastian)
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