SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2001
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-13105
Title of the Plan -
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
Name and Address of the issuer of the Securities
Held Pursuant to the Plan -
Arch Coal, Inc.
One CityPlace Drive, Suite 300
St. Louis, Missouri 63141
FINANCIAL STATEMENTS AND EXHIBITS
Financial Statements and Schedule
Independent Auditors' Report
Statements of Net Assets Available for Benefits
Statement of Changes in Net Assets Available for Benefits
Notes to Financial Statements
Schedule of Assets Held for Investment Purposes at End of Year
Exhibits:
23.1 Consent of Rubin, Brown, Gornstein & Co. LLP, Independent
Auditors
23.2 Consent of Stone Carlie & Company, L.L.C., Independent
Auditors
================================================================================
ARCH COAL, INC.
EMPLOYEE THRIFT PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 2001
================================================================================
CONTENTS
--------------------------------------------------------------------------------
PAGE
INDEPENDENT AUDITORS' REPORTS
Independent Auditors' Report of Rubin, Brown, Gornstein & Co. LLP...........................1
Independent Auditors' Report of Stone Carlie & Company, L.L.C...............................2
FINANCIAL STATEMENTS
Statement Of Net Assets Available For Plan
Benefits................................................................................3
Statement Of Changes In Net Assets Available
For Plan Benefits.......................................................................4
Notes To Financial Statements..........................................................5 - 11
SUPPLEMENTARY INFORMATION
Independent Auditors' Report On Supplementary
Information............................................................................12
Schedule Of Assets Held For Investment Purposes............................................13
INDEPENDENT AUDITORS' REPORT
To the Trustees
Arch Coal, Inc. Employee Thrift Plan
St. Louis, Missouri
We have audited the accompanying statement of net assets available for plan
benefits of the Arch Coal, Inc. Employee Thrift Plan as of December 31, 2001 and
the related statement of changes in net assets available for plan benefits for
the year then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits at December
31, 2001, and the changes in net assets available for benefits for the year then
ended in conformity with accounting principles generally accepted in the United
States of America.
/S/ Rubin, Brown, Gornstein & Co. LLP
Rubin, Brown, Gornstein & Co. LLP
St. Louis, Missouri
June 15, 2002
Page 1
INDEPENDENT AUDITORS' REPORT
To the Administrator
Arch Coal, Inc. Employee Thrift Plan
We have audited the accompanying statement of net assets available for benefits
of the Arch Coal, Inc. Employee Thrift Plan as of December 31, 2000. This
financial statement is the responsibility of the Plan's management. Our
responsibility is to express an opinion on this financial statement based on our
audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statement referred to above presents fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2000 in conformity with accounting principles generally accepted in
the United States of America.
/S/ Stone Carlie & Company, L.L.C.
----------------------------------
Stone Carlie & Company, L.L.C.
St. Louis, Missouri
June 29, 2001
Page 2
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31,
-----------------------------------
2001 2000
---------------- ----------------
ASSETS
INVESTMENTS, AT FAIR VALUE (NOTE 3)
Money market $ 1,543,086 $ 1,871,673
Mutual funds and common/collective fund 119,599,522 137,282,041
Guaranteed investment account 50,853,111 47,962,022
Company stock 16,289,419 7,162,090
Participant loans (Note 4) 9,924,227 11,101,500
CSFB Direct securities account 8,809,499 9,790,373
---------------- ----------------
TOTAL INVESTMENTS 207,018,864 215,169,699
---------------- ----------------
RECEIVABLES
Salary deferral contributions -- 502,688
Employer contributions -- 353,233
---------------- ----------------
TOTAL RECEIVABLES -- 855,921
---------------- ----------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 207,018,864 $ 216,025,620
================ ================
--------------------------------------------------------------------------------
See the accompanying notes to financial statements. Page 3
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2001
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
INVESTMENT INCOME (LOSS) (NOTE 3)
Dividends and interest $ 5,501,477
Net depreciation in fair value of investments (21,381,000)
----------------
NET INVESTMENT INCOME (LOSS) (15,879,523)
----------------
CONTRIBUTIONS
Salary deferral contributions 12,433,338
Employer contribution 9,677,607
Employee after-tax contribution 1,413,284
Rollover contribution 710,788
----------------
TOTAL CONTRIBUTIONS 24,235,017
----------------
TOTAL ADDITIONS 8,355,494
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid directly to participants 17,362,250
----------------
NET DECREASE (9,006,756)
NET ASSETS AVAILABLE FOR PLAN BENEFITS -
BEGINNING OF YEAR 216,025,620
----------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS -
END OF YEAR $ 207,018,864
================
--------------------------------------------------------------------------------
See the accompanying notes to financial statements. Page 4
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2001 AND 2000
1. DESCRIPTION OF THE PLAN
The Arch Coal, Inc. Employee Thrift Plan was established by Arch Coal,
Inc. for the benefit of the eligible employees of the Company, its
subsidiaries and controlled affiliates.
The following description of the Plan provides only general
information. Participants should refer to the Summary Plan Description
for a more complete description of the Plan's provisions.
Certain provisions of the Plan as described below do not apply to or
have been modified for certain subsidiaries and affiliates of the
Company.
GENERAL
The Plan, which has been adopted by Arch Coal, Inc. is a defined
contribution profit sharing plan which includes a 401(k) provision. The
Plan covers all full-time salaried employees, all full-time nonunion
hourly employees, and certain union employees where specified by
applicable collective bargaining agreements of the Company, its
subsidiaries, and any controlled affiliates that elect to participate
in the Plan. It is subject to the provisions of the Employee Retirement
Income Security Act of 1974 ("ERISA").
CONTRIBUTIONS
Participants may elect to defer between 1 percent and 17 percent of
compensation, depending upon the location of the employee. The
percentage of employer match or nondiscretionary contribution also
depends upon the location.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contributions, the employer's matching contribution, if applicable, or
employer non-discretionary contribution, if applicable, and an
allocation of Plan earnings. The allocation of earnings is determined
by the earnings of the participant's investment selection based on each
participant's account balance, as defined in the Plan agreement. The
benefit to which a participant is entitled is the benefit that can be
provided from the participant's account.
VESTING
Participants are fully vested in their contributions plus actual
earnings. All eligible employees of the Company at December 31, 1997
became fully vested in the Plan. Eligible employees hired subsequent to
December 31, 1997 vest in Company contributions and earnings upon the
completion of three full and consecutive years of service.
--------------------------------------------------------------------------------
Page 5
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
Notes To Financial Statements (Continued)
All participants become fully vested upon death while employed, total
disability, or normal retirement age, regardless of the number of
months of participation.
NOTES RECEIVABLE - PARTICIPANTS
Active participants, with some exceptions, may borrow from their fund
accounts a minimum of $500 or up to a maximum equal to the lesser of
$50,000 or 50 percent of their vested account balances. Loan terms
range from one to five years or longer for the purchase of a primary
residence. The loans are secured by the balance in the participant's
account and bear interest at the prime rate listed in the Wall Street
Journal on the day the loan is processed. Principal and interest is
paid ratably through payroll deductions.
PAYMENT OF BENEFITS
Upon death, termination of service, or attainment of age 70-1/2, a
participant may elect to receive either a lump-sum amount equal to the
value of the participant's vested interest in his or her account, a
single annuity, a joint and survivorship annuity with various survivor
options or a series of installment payments.
FORFEITED ACCOUNTS
Forfeited amounts of employer contributions are used to offset future
company matching contributions of the Plan. At December 31, 2001,
forfeited amounts available to reduce future company contributions were
$185,074.
INVESTMENT OPTIONS
Participants may direct the investment of their entire account balance
among the following investment options:
AMERICAN CENTURY INCOME & GROWTH FUND
This fund seeks capital growth. The fund typically invests at
least 90% of assets in equities selected for their appreciation
potential. The majority of these securities are common stocks
issued by companies that meet management's standards for
earnings and revenue growth. The fund may only purchase
securities of companies that have operated more than 3 years.
ARCH COAL, INC. COMMON STOCK
Funds are invested in Arch Coal, Inc. common stock.
--------------------------------------------------------------------------------
Page 6
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
Notes To Financial Statements (Continued)
BARCLAY'S LIFEPATH 2010
This fund seeks total return for investors retiring near the
year 2010. The fund uses an asset allocation approach. The
allocation changes become more conservative as the fund nears
its maturation. The fund allocates among securities contained in
various domestic and foreign indexes.
BARCLAY'S LIFEPATH 2020
This fund seeks total return for investors retiring near the
year 2020. Asset allocation is the same as the Barclay's
Lifepath 2010 as noted above.
BARCLAY'S LIFEPATH 2030
This fund seeks total return for investors retiring near the
year 2030. Asset allocation is the same as the Barclay's
Lifepath 2010 as noted above.
BARCLAY'S LIFEPATH 2040
This fund seeks total return for investors retiring near the
year 2040. The fund uses an asset allocation approach with a
neutral mix consisting of 100% equities. Otherwise, asset
allocation is the same as the Barclay's Lifepath 2010 as noted
above.
CSFB DIRECT PERSONAL CHOICE RETIREMENT ACCOUNT
This is an option wherein a plan participant can invest directly
in equity and debt securities through a CSFB Direct brokerage
account.
FRANKLIN TEMPLETON BALANCE SHEET FUND
This fund invests in common stocks, preferred stocks, and debt
securities and seeks high total return and long-term growth by
following a value-oriented investment approach.
PRIMCO STABLE VALUE FUND
This is a guaranteed investment account which is separately
managed for Arch Coal, Inc. The fund invests in long-term
investment contracts issued by a variety of insurance carriers,
collective trusts, pooled separate accounts, and money market
funds. The objective of this fund is to generate current income,
while providing protection against loss of capital.
PIMCO TOTAL RETURN FUND
This fund seeks a total return consistent with preservation of
capital. The fund invests at least 65% of assets in debt
securities, including U.S. government securities, corporate
bonds, and mortgage-related securities.
--------------------------------------------------------------------------------
Page 7
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
Notes To Financial Statements (Continued)
PUTNAM BALANCED FUND
This fund invests in a combination of stocks and bonds and seeks
to provide current income and the opportunity for long-term
growth.
PUTNAM GROWTH OPPORTUNITIES FUND
This fund principally invests in growth stocks of large U.S.
companies. It may invest in foreign securities, preferred
stocks, convertible securities, debt instruments, and
derivatives. The fund invests in securities that the advisor
believes will benefit from long-term economic trends.
PUTNAM INTERNATIONAL GROWTH FUND
This fund invests primarily in common stocks of foreign
companies and seeks long-term growth subject to the volatility
inherent in international investing.
PUTNAM MONEY MARKET FUND
This fund seeks a high rate of current income. This fund invests
in instruments that are high quality and have short-term
maturity.
PUTNAM OTC EMERGING GROWTH FUND
This fund seeks capital appreciation. The fund normally invests
at least 65% of assets in stocks issued by companies that are in
early stages of development and have records of profitability.
It may invest up to 20% of assets in foreign securities.
PUTNAM S&P 500 INDEX
This fund invests in a broad portfolio of common stocks and
seeks to track the performance of the Standard & Poor's 500
Index.
PUTNAM VISTA FUND
This fund invests primarily in common stocks of U.S. companies,
with a focus on growth stocks. The fund invests mainly in
mid-sized companies. It can invest in foreign securities and
options and futures.
--------------------------------------------------------------------------------
Page 8
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
Notes To Financial Statements (Continued)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ESTIMATES AND ASSUMPTIONS
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared under the accrual
method of accounting.
INVESTMENT VALUATION AND INCOME RECOGNITION
Investments in mutual funds are valued at reported net asset value at
December 31 as determined by the fund manager.
Investment income is recorded as earned on the accrual basis.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
--------------------------------------------------------------------------------
Page 9
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
Notes To Financial Statements (Continued)
3. INVESTMENTS
The Company has established a Pension Committee to oversee the
activities of the Plan and has appointed the Vice President - Human
Resources as the Plan Administrator. Fleet Bank is the trustee for the
Plan and Putnam Fiduciary Trust Company is the Plan recordkeeper.
Investments at fair value as of December 31, 2001 and 2000 consist of
the following:
DECEMBER 31,
----------------------------------
2001 2000
--------------- ---------------
PUTNAM MONEY MARKET FUND $ 1,543,086 $ 1,871,673
--------------- ---------------
MUTUAL FUNDS AND COMMON COLLECTIVE FUND
American Century Income & Growth Fund 28,146,653* 32,641,458*
Barclay's Lifepath 2010 160,372 --
Barclay's Lifepath 2020 488,589 --
Barclay's Lifepath 2030 130,407 --
Barclay's Lifepath 2040 201,744 --
Franklin Templeton Balance Sheet Fund 9,063,457 5,592,057
PIMCO Total Return Fund 10,070,589 6,148,091
Putnam Balanced Fund 14,858,769* 20,292,812*
Putnam Growth Opportunities Fund 19,755,092* 30,894,110*
Putnam International Growth Fund 9,152,343 11,192,064
Putnam OTC Emerging Growth Fund 1,589,311 --
Putnam S&P 500 Index 18,990,294* 21,555,278*
Putnam Vista Fund 6,991,902 8,966,171
--------------- ---------------
TOTAL MUTUAL FUNDS AND
COMMON/COLLECTIVE FUND 119,599,522 137,282,041
--------------- ---------------
ARCH COAL, INC. COMMON STOCK 16,289,419 7,162,090
--------------- ---------------
CSFB DIRECT PERSONAL CHOICE RETIREMENT
ACCOUNT 8,809,499 9,790,373
--------------- ---------------
PRIMCO STABLE VALUE FUND 50,853,111* 47,962,022*
--------------- ---------------
PARTICIPANT LOANS 9,924,227 11,101,500
--------------- ---------------
$ 207,018,864 $ 215,169,699
=============== ===============
* Investment represents 5 percent or more of net assets at the beginning of the
respective Plan year.
--------------------------------------------------------------------------------
Page 10
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
Notes To Financial Statements (Continued)
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS:
FOR THE YEAR ENDED
DECEMBER 31, 2001
------------------
INVESTMENT INCOME (LOSS):
Dividends and interest $ 5,501,477
Net depreciation in fair value of investments (21,381,000)
----------------
NET INVESTMENT INCOME (LOSS) $ (15,879,523)
================
Interest income on the Primco Stable Value Fund is calculated and
credited daily based on the aggregate contract yield of the underlying
investments. The investment contracts included in this fund had an
average yield of 5.52% for the year ended December 31, 2001. The
average crediting interest rate was 5.87% at December 31, 2001. The
fair value of the investment contract was $50,853,111 at December 31,
2001.
4. NOTES RECEIVABLE - PARTICIPANTS
Notes receivable are secured by participants' vested balances. The
notes are due in bi-weekly payments including principal and interest at
varying rates reflective of the prime rate as of the time of issue. The
final installments are due at various dates.
5. PLAN TERMINATION
Although it has not expressed intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and
to terminate the Plan, subject to the provisions of ERISA. In the event
of Plan termination, participants will become 100% vested in their
accounts.
6. TAX STATUS
The Plan obtained its latest determination letter on August 9, 1996 in
which the Internal Revenue Service stated that the Plan, as then
designed, was in compliance with the applicable requirements of the
Internal Revenue Code. The Plan has been amended during 2001 to
incorporate language required by the passing of certain laws, commonly
referred to as "GUST." The Plan Administrator has filed for a
determination letter for the Plan as amended. The Plan Administrator
and the Plan's tax counsel believe the Plan is correctly designed and
operated with the applicable requirements of the Internal Revenue Code.
Therefore, the Plan Administrator believes the Plan was qualified and
the related trust tax exempt.
--------------------------------------------------------------------------------
Page 11
INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The schedule of assets held for investment purposes
is presented for purposes of additional analysis and is not a required part of
the basic financial statements, but is supplementary data required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Income Security Act of 1974. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/S/ Rubin, Brown, Gornstein & Co. LLP
Rubin, Brown, Gornstein & Co. LLP
St. Louis, Missouri
June 15, 2002
Page 12
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
E.I.N. 43-0921172 PLAN 006
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 2001
CURRENT
IDENTITY OF ISSUER DESCRIPTION OF INVESTMENT VALUE
------------------ ------------------------- ---------------------
MONEY MARKET
Putnam Investments* Putnam Money Market Fund $ 1,543,086
---------------------
MUTUAL FUNDS AND COMMON/COLLECTIVE FUND
American Fund Corporation* American Century Income & Growth Fund 28,146,653
Barclay Global Investors Barclay's Lifepath 2010 160,372
Barclay Global Investors Barclay's Lifepath 2020 488,589
Barclay Global Investors Barclay's Lifepath 2030 130,407
Barclay Global Investors Barclay's Lifepath 2040 201,744
Franklin Investments Franklin Templeton Balance Sheet Fund 9,063,457
PIMCO Investments* PIMCO Total Return Fund 10,070,589
Putnam Investments* Putnam Balanced Fund 14,858,769
Putnam Investments* Putnam Growth Opportunities Fund 19,755,092
Putnam Investments* Putnam OTC Emerging Growth Fund 1,589,311
Putnam Investments* Putnam International Growth Fund 9,152,343
Putnam Investments* Putnam S&P 500 Index 18,990,294
Putnam Investments* Putnam Vista Fund 6,991,902
---------------------
TOTAL MUTUAL FUNDS AND COMMON/COLLECTIVE FUND 119,599,522
COMMON STOCK
Arch Coal, Inc.* Common stock 16,289,419
PARTICIPANT DIRECTED BROKERAGE ACCOUNTS
CSFB CSFB Direct Personal Choice
Retirement Account (Participants
Directed Brokerage Accounts) 8,809,499
---------------------
Balance Carried Forward 146,241,526
---------------------
* Represents party-in-interest
The above information is a required disclosure for IRS Form 5500,
Schedule H, Part IV, line 4i.
--------------------------------------------------------------------------------
Page 13
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
--------------------------------------------------------------------------------
E.I.N. 43-0921172 PLAN 006
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 2001
CURRENT
IDENTITY OF ISSUER DESCRIPTION OF INVESTMENT VALUE
------------------ ------------------------- --------------------
BALANCE BROUGHT FORWARD $ 146,241,526
--------------------
GUARANTEED INVESTMENT ACCOUNT -
PRIMCO STABLE VALUE FUND
Allstate Life Insurance Company Synthetic GIC 3,649,757
Allstate Life Insurance Co. Wrapper Synthetic GIC (210,299)
Bank of America NT & SA 103-12IE 3,748,990
Bank of America NT & SA Wrapper 103-12IE (29,961)
John Hancock Life Insurance PSA 4,135,345
John Hancock Life Insurance Wrapper PSA (146,106)
JP Morgan Chase Bank 103-12IE 7,548,100
JP Morgan Chase Bank Wrapper 103-12IE (88,596)
Monumental Life Insurance Company Synthetic GIC 3,998,096
Monumental Life Insurance Company Wrapper Synthetic GIC (119,890)
Monumental Life Insurance Company 103-121E 2,190,201
Monumental Life Insurance Company Wrapper 103-12IE (12,730)
State Street Bank & Trust Synthetic GIC 3,776,897
State Street Bank & Trust Wrapper Synthetic GIC (19,316)
State Street Bank & Trust 103-12IE 4,476,752
State Street Bank & Trust Wrapper 103-12IE (103,149)
UBS AG Synthetic GIC 6,618,943
UBS AG Wrapper Synthetic GIC (195,763)
Boston Company Common/Collective Trust 4,114,320
Bus Men's Assur-MBIA Insd GIC 1,513,213
GE Life & Annuity Assurance Company GIC 1,733,112
Jackson National Life GIC 1,004,717
Monumental Life Insurance Company GIC 1,730,000
Security Life of Denver GIC 1,306,403
Other Temporary Investments 234,075
--------------------
GUARANTEED INVESTMENT ACCOUNT 50,853,111
--------------------
Notes Receivable
PARTICIPANT LOANS 9,924,227
-------------------
$ 207,018,864
===================
--------------------------------------------------------------------------------
Page 14
SIGNATURE PAGE
Pursuant to the requirements of the Securities Exchange Act of 1934, the duly
authorized Plan Administrator has executed this annual report.
ARCH COAL, INC. EMPLOYEE THRIFT PLAN
Date: June 28, 2002 By: /s/ Bradley M. Allbritten
------------ ----------------------------------
Bradley M. Allbritten
Plan Administrator
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
------- -----------
23.1 Consent of Rubin, Brown, Gornstein & Co. LLP,
Independent Auditors
23.2 Consent of Stone Carlie & Company, L.L.C.,
Independent Auditors