Hufbauer called the $8.12 million payout to executives on the eve of bankruptcy ‘really suspicious.’
Arch Coal Inc. paid its top executives more than $8 million in bonuses the business day before the company filed for bankruptcy in January, according to U.S. Bankruptcy Court for the Eastern District of Missouri filings published last week.
A Utah proposal to invest more than $50 million in taxpayer funds for a coal shipping facility at the Port of Oakland cleared that state’s Legislature on Thursday and is on its way to the governor’s desk.
Terminal Logistics Solutions wants to build a $250 million bulk commodities terminal at the former Oakland Army Base [...]
The Port of Stockton specializes in bulk shipping. The Central Valley Business Journal reports that there were 245 ship arrivals at the port last year, compared with just 100 during the recession in 2009.
For the second year in a row, the Port of Stockton set a record for ship arrivals in 2015. Overall, [...]
With the U.S. coal sector showing signs of weakness, the Interior Department is pausing new coal leases and launching a review of the federal coal program.
In his final State of the Union address earlier this week, President Barack Obamasaid the nation’s energy policy priorities should focus on a transition away from “old, dirtier energy [...]
Arch Coal, the nation’s second-largest coal producer, and a partner in the proposed Millennium Bulk coal-export terminal in Longview, filed for bankruptcy protection on Monday. Its filing means producers of 25 percent of America’s coal are now in bankruptcy.
The company blamed a steep drop in coal prices, increased federal pollution requirements and falling demand [...]
Excerpts from the Contra Costa Times:
The environmental review for the terminal project did not examine the effects of coal shipments because they weren’t an option being discussed.
Now, Tagami thinks nothing of breaking his promises when money stares him in the face. Four Utah counties are prepared to invest $53 million into the terminal [...]
Excerpts from the Los Angeles Times:
LA Times reported that Jeffrey Holt, UDOT chairman, urged leaders to mislead Oakland’s decision makers on the true intended use of the terminal. ”The key concept is — This is a bulk terminal, many commodities can and will go through the terminal,” he wrote in April in his [...]
A battle among Arch Coal Inc. creditors is intensifying as the miner prepares for a potential bankruptcy filing.
A group of middle-tier bondholders hired law firm Brown Rudnick LLP to help protect their investments as the miner moves toward restructuring its $5.1 billion of debt in court proceedings, according to a person with knowledge of [...]
From the Salt Lake Tribune:
Utah’s proposed $53 million investment in an Oakland, Calif., export terminal is a flagrant abuse of community-impact funds that not only violates federal and state law, but will also subsidize private coal mining corporations and out-of-state developers at the expense of Utah taxpayers and local governments.
That’s according to two [...]
Excerpts from the Moab Times:
In an Oct. 22 letter to Utah Attorney General Sean D. Reyes, Moab attorney Christina Sloan asserted that under state and federal law, Community Impact Fund Board (CIB)-funded projects must be public infrastructure or services that are open and available to the citizens.
The Utah Attorney General’s office confirmed that [...]
From the Wall Street Journal:
A proposal that could make this city a gateway for Utah coal to be shipped overseas has become a political flash point and put pressure on Gov. Jerry Brown, a former mayor known for his warnings on climate change, to come out against the project.
But the idea of coal [...]
From an article titled ‘Fitch: Higher default rates expected for US coal sector”:
Should Arch Coal, Inc. and Peabody Energy Corp. file for bankruptcy, the industry bond default rate would surpass 50%, according to Fitch Ratings. The wave of bankruptcies in the U.S. coal space has caused the broader metals/mining sector default rate to rise [...]
Several ILWU representatives spoke against coal exports — but in favor of other bulk products — at the Oakland City Council on Sept 21. Katrina Booker, ILWU Local 10 longshorewoman, said she’d seen the negative health effects of coal and that developers should instead export cleaner, safer cargoes from the terminal.
Opposition to coal is [...]
Ambition has become a scarce commodity at the top end of mining.
Projects are being been delayed, expansions shelved, exploration stalled, assets sold and expenditures deferred.
Nowhere is this thrown in sharper relief than at BHP Billiton, the world’s largest mining company, by a wide (if declining) margin.
The Melbourne-based giant released [...]