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Investors drop out of Coos Bay coal port project

By Associated Press
Published On: Mar 11 2013 02:06:52 PM MDT
coal plant train
GRANTS PASS, Ore. -

A California stevedoring company has until the end of the month to decide if it still wants to ship coal from Montana and Wyoming to Asia through Coos Bay, Ore., now that two of its partners have dropped out.
    
A document (http://bit.ly/ZBerdO) posted on the International Port of Coos Bay website Monday says that Mitsui & Co., the US subsidiary of a Japanese trading company, and Korean Electric Power Corp., the potential buyer of the coal, are no longer part of the project.
    
The development was first reported by Oregon Public Broadcasting (http://bit.ly/14OBiCi ).
    
Metropolitan Stevedore Company of Wilmington, Calif., renewed its exclusive negotiating agreement with the port through March 31
    
Coos Bay is one of five Northwest ports interested in exporting coal mined in Montana and Wyoming to markets in Asia.