Published: Wednesday, February 13, 2013, 5:13 p.m.
Coal company rapped by research group
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BILLINGS, Mont. -- An environmental research group says an Australian company seeking to ramp up U.S. coal shipments to Asia has financial problems that could hobble its export ambitions.
The Seattle-based Sightline Institute said Wednesday that a review of Ambre Energy's finances shows it is falling deeply into debt and faces hundreds of millions of dollars in mine-cleanup liabilities.
Ambre is seeking to expand shipping terminals in Oregon and Washington to export coal, including from recently-purchased company mines in Wyoming and Montana.
The company said in a statement that the Sightline report was biased.
Ambre says it has solid financial backing from Colorado-based Resource Capital Funds. It also has a coal supply agreement with two Korean companies and a joint venture deal with industry giant Arch Coal, Inc. for Washington's proposed Millennium port.
The Seattle-based Sightline Institute said Wednesday that a review of Ambre Energy's finances shows it is falling deeply into debt and faces hundreds of millions of dollars in mine-cleanup liabilities.
Ambre is seeking to expand shipping terminals in Oregon and Washington to export coal, including from recently-purchased company mines in Wyoming and Montana.
The company said in a statement that the Sightline report was biased.
Ambre says it has solid financial backing from Colorado-based Resource Capital Funds. It also has a coal supply agreement with two Korean companies and a joint venture deal with industry giant Arch Coal, Inc. for Washington's proposed Millennium port.
Story tags » • Energy & Resources • Shipping • Environmental Issues
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