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Coal company rapped by research group

BILLINGS, Mont. (AP) — 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.

Copyright 2013 The Associated Press.

Summary

Date:2/13/2013 2:10 PM

Slug:BC-MT—Coal Exports-Ambre Energy

Headline:Byline:Copyright Holder:AP

Priority:r (4)

With Photo:

Dateline:BILLINGS, Mont.

Editors’ Note:Eds: APNewsNow.

Word Count:140

File Name (Transref):o0028

Editorial Type:

AP Category:n

Format:bx

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