International Investors Back Out Of Coos Bay Coal Plans
A coal export terminal proposed for Oregon’s South Coast has hit a setback. Two of the project’s investors have dropped out. EarthFix reporter Amelia Templeton explains.
Project Mainstay in Coos Bay is one of five proposed coal export terminals in the Pacific Northwest. They’re intended to ship coal from mines in Montana and Wyoming to markets in Asia.
Project Mainstay is the only one of those five terminals that hasn’t reached the permitting stage.
Public records EarthFix received from the Port of Coos Bay reveal why: two of the original partners in the project have backed out.
They are Mitsui, a large international trading firm, and the Korean Electric Power Corporation.
A California port logistics company, Metro Ports, is still backing the terminal and looking for new business partners. It’s signed an exclusive negotiating agreement with the Port of Coos bay that will expire at the end of the month.
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