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 [...]
”We are adamantly opposed to coal. We’re not against the terminal; we welcome the terminal. We’re just opposed to coal.” — Derrick Muhammad, ILWU Local 10 Business Agent, testifying against coal exports on September 21, 2015.
A lengthy public hearing in Oakland Monday afternoon and evening sought to parse out the benefits or drawbacks [...]
ILWU Local 10 Business Agent Derrick Muhammad speaks out against coal for health and economic reasons — and others were exploited to show ‘support’ in exchange for a free T-shirt and meal — in this news clip from KPIX titled ‘Oakland Residents Weigh In On Proposed Coal Train Terminal’:
Hundreds gathered in Monday night [...]
”Waterfront space is in short supply on the West Coast, and it would be a mistake to lock Oakland into a decades-long lease with a coal industry that many say is dying,” said ILWU Local 34 President Sean Farley.
Excerpts from World Maritime News:
Unionized longshore workers and marine clerks at the Ports of [...]
From the Contra Costa Times:
Longshore workers at the Port of Oakland are opposing a developer’s plan to ship coal to Asia through a new terminal at the old Army Base.
Members of International Longshore and Warehouse Union Local 10 and Local 34 voted to oppose the handling of coal at a new bulk maritime [...]
The official voice of the labor movement in the East Bay has come out against plans to export coal from Oakland. This morning, the Alameda Labor Council’s executive committee passed a resolution opposing the export of coal from the bulk commodity terminal planned for construction at the city’s former Army Base.
The resolution cites health [...]
Oakland shouldn’t become the dumping ground for dirty, low value cargoes rejected at other ports, union says. There are better cargoes for that location that will bring good waterfront jobs to Oakland
SAN FRANCISCO, CA (September 18, 2015) – Longshore workers and marine clerks who have moved cargo at the Ports of Oakland and [...]
Montana congressmen are urging the U.S. Army Corps of Engineers (USACE) to disregard a request from the Lummi Tribe to abandon an environmental review of the proposed Gateway Pacific coal export terminal at Cherry Point in Bellingham, Washington.
The Lummi fish next to Cherry Point and argue the terminal would violate their treaty fishing rights.