Free Market, Baby! - A massive coal mining project was scrapped after no one would invest in it
By Greg Walters on Apr 3, 2017
A controversial coal mining project in Alaska worth more than $600 million has been abandoned by its developers, underscoring the uphill battle President Donald Trump will face in fulfilling his promise to bring coal mining jobs back to America.
PacRim Coal LP, the developer behind the Chuitna Coal Project, was in the later stages of the state and federal mine permitting process to develop coal deposits 45 miles southwest of Anchorage. The firm planned to ship the coal to South Korea, Japan, and China.
But PacRim has suspended all permitting activities and will no longer pursue the project after failing to find an investment partner in the venture, an Alaskan state official confirmed to VICE News.
“As of right now, PacRim is no longer pursuing the project,” said Russell Kirkham, coal regulatory program manager at Alaska’s Division of Mining, Land & Water. “As far as I know, this was a decision from their management. I know they were looking for a partner, and the partner, I don’t think, came through.”
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https://news.vice.com/story/chuitna-coal-mine-scrapped-in-alaska-after-no-one-would-invest-in-it
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