Arch Coal announced the sale of its stake in the Millennium Bulk Terminal, ending the bankrupt mining giant’s involvement in an export facility once viewed as the future of the American coal industry.

Lighthouse Resources Inc., a co-developer in the terminal, will acquire Arch’s 38 percent stake in the Longview, Wash., development and assume sole ownership of the project. No cash changed hands in the transaction. Arch will no longer be held liable for future capital costs and will receive the option to use up to 10 percent of the port’s capacity under the terms of the deal.

Everett King, Lighthouse CEO, said the Salt Lake City-based company would press forward with the project.

The sale comes at a particularly challenging time for would-be coal exporters. Chinese demand has slumped and U.S. firms have struggled to compete with their low-cost competitors in Australia and Indonesia for a share of the contracting market.

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