"Two months after Arch Coal filed for bankruptcy protection amid a steep decline in the coal industry, the company has announced that it will stop pursuing a project in the grasslands of southeastern Montana that would have been one of the larger surface coal mines in the country.
In a statement Thursday, the company blamed “capital constraints, near-term weakness in coal markets and an extended and uncertain permitting outlook.”
Arch made the announcement on the same day that the U.S. Energy Information Administration released estimates showing coal production declining across the country by 29% in the first 10 weeks of 2016 compared with the same period last year."
William Yardley reports for the Los Angeles Times March 16, 2016.
SEE ALSO:
"JPMorgan Won't Back New Coal Mines to Combat Climate Change" (Bloomberg)
"Utah Lawmakers Pass Bill To Subsidize Coal Exports Through Port Of Oakland" (Contra Costa Times)
"U.S. Rebuffs Koch-Controlled Coal Company's Bid For Royalties" (Reuters)
"Peabody Energy's Demise Parallels The Decline Of King Coal" (Australian ABC)
"Arch Coal Abandons Plans For Controversial Mine In Montana"
Source: LA Times, 03/11/2016
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