P&M Coal and Molycorp Become Chevron Mining Inc.

    ENGLEWOOD, Colo., Sept. 5 /PRNewswire/ -- The Pittsburg & Midway Coal
 Mining Co. and Molycorp Inc., both subsidiaries of Chevron Corporation,
 have formed a diversified mining company called Chevron Mining Inc. This
 name change provides for better alignment with its parent company and
 improved market visibility for its current mining operations and future
 growth opportunities. Today, Chevron Mining Inc. is a company with more
 than 1,400 employees operating five domestic coal and metal mines.
     "Bringing P&M and Molycorp together enables us to utilize their
 generations of experience to the benefit of our newly diversified mining
 operations," said Mark A. Smith, president, Chevron Mining Inc. "Together,
 we will be able to work more efficiently and reliably to maximize the value
 of our current facilities while looking for growth opportunities. At the
 heart of today's announcement is our continued commitment to safety and
 working incident and injury free -- a standard that has guided both
 Molycorp and P&M for decades."
     P&M and Molycorp bring proud traditions of employee safety and quality
 to Chevron Mining Inc. Founded in 1885, P&M is one of the oldest
 continuously operating mining companies in the United States. P&M operated
 two surface coal mines in New Mexico and Wyoming and an underground coal
 mine in Alabama. Molycorp, formed in 1920, operated an underground
 molybdenum mine in Questa, New Mexico and an open pit rare earth mine in
 Mountain Pass, California.
     As part of their best practices, Chevron Mining Inc. employees are
 committed to operating in a safe and environmentally responsible manner. In
 2006, both the Kemmerer and Mountain Pass mines operated the entire year
 without a Lost Time Injury and in July of 2007, the Kemmerer Mine achieved
 a major safety milestone, working 1 million hours without a recordable
 incident.
     ABOUT CHEVRON MINING INC.
     Chevron Mining Inc. is a diversified coal and metal mining company with
 five U.S.-based mines, including an underground coal mine in Alabama, two
 surface coal mines in Wyoming and New Mexico, an open pit rare earth mine
 in California and an underground molybdenum mine in New Mexico. The company
 is a wholly-owned subsidiary of Chevron Corporation and is headquartered in
 Englewood, Colo.
 
 

SOURCE Chevron Mining Inc.