Export coal deal stalls as companies renegotiate
A proposed deal on a Montana coal mine that its backers had said would boost Asian exports of the fuel via the West Coast has stalled.
Court documents show Cloud Peak Energy and Australia-based Ambre Energy are renegotiating the terms of a deal that called for Ambre to pay $57 million for full control of the Decker mine near the Wyoming border.
Ambre wants to ramp up production and ship coal to growing Asian markets through a pair of proposed ports along the Columbia River. The company faces stiff opposition in Oregon and Washington state.
Cloud Peak is seeking land and rail easements for a new Wyoming mine, and the option to move 5 million tons of coal annually through Ambre's Millennium port in Longview, Wash.