While other Canadian provinces phase out coal, Nova Scotia is defiantly preparing to open its first coal mine since the last one closed in 2001 - this one under the ownership of a secretive American billionaire with ties to the Carlyle Group and Jeb Bush.
Longview, WA - Arch Coal, Inc., the second largest coal supplier in the United States, announced today that it would be filing for bankruptcy protection after suffering several quarters of losses and being unable to restructure its debt. The company has been a major player in coal regions across the U.S., including Appalachia and the Powder River Basin.
A Campbell River coal mine says it is suspending operations indefinitely, citing a prolonged and steep decline in coal prices and changes in market demand.
Up to 66 workers at Quinsam Coal face job cuts, the company said in a statement Friday.
It said the mine will be placed into “care and maintenance,” but existing supply contracts will still be honoured.
Already battered by plunging oil prices, Western Canada has another big problem: the collapse of coal. Alberta and British Columbia are suffering from the fallout of a severe downturn in the global coal market, brought on by China’s rapidly cooling industrial demand and the growing shift away from coal-fired electricity generation. It’s troubled times for an industry that’s long been a quietly powerful force in the Canadian economy.
While world leaders were meeting in Paris to tackle climate change, Port Metro Vancouver approved Fraser Surrey Docks’ application for a thermal coal facility on the shores of the Fraser River.
Fraser Surrey Docks applied to Port Metro Vancouver to amend its existing permit to build and operate a direct transfer coal facility, where coal would be loaded onto ocean-going vessels and shipped to Asia. The site is located across the river from Westminster Quay and Queensborough.
How times have changed in 2015. Just days away from the Paris climate conference, Prime Minister Trudeau met with the Premiers to talk about working together to make Canada a leader on climate. Compare this to PM Harper, who never met with the Premiers, championed the oil and gas industry, and if anything was a disruptive force in global climate negotiations. And leading the march to Paris?
