Bowie Resources

IEEFA Research

IEEFA Analysis: If Utah Commits to Proposed $53 Million Oakland Port Subsidy, It’s Buying a Pig in a Poke

Could There Be a Worse Time to Invest in Deteriorating Coal Markets?

A bill being seriously considered by the Utah State Legislature this week seeks in essence to finance a backdoor subsidy for a coal export terminal in California whose construction could well leave Utah taxpayers on the hook for a highly questionable and highly speculative $53 million out-of-state subsidy. The proposed law, which exists now as SB0246, is […]

Read More →

Oakland’s Proposed Coal-Export Expansion Is Fraught With Risk

Red Flags in a Global Downturn, a Struggling Coal Producer and a State Guarantee

We’re presenting testimony to the Oakland City Council today that questions the wisdom of a proposal to expand the Port of Oakland’s coal-export capacity at the Oakland Army Base Redevelopment project. The deal being considered raises several red flags. First, the developer is taking a major financial risk by relying so much on coal in […]

Read More →

More News and Commentary

Utah’s Oakland Coal-Export Folly Sunk by Community Opposition and Market Forces 

Bell Tolls for a Controversial Proposal That Created Political Fanfare in Two States

A sketchy deal that would have led to construction of a new seaside terminal in Oakland, California, to export coal from Utah—the focus of great political fanfare in both states just a year ago—looks like it’s now dead for good. Public opposition to the project, and exposure of political machinations that didn’t pass the smell […]

Read More →

Bowie Resources Cancels IPO

Christopher Coats for SNL: Bowie Resource Partners LP backed away from its effort to establish a publicly traded master limited partnership, announcing Aug. 19 that it requested the withdrawal of its Form S-1 registration statement by the U.S. SEC, citing market conditions. The effort set the proposed maximum aggregate offering price at $100 million and […]

Read More →

Colorado Coal Output Drops 42%

Danika Worthington for the Denver Post: Colorado coal production in the first six months of the year dropped 42 percent compared with the same period of 2015, but on-the-job injuries increased by 20 percent. The Colorado Division of Reclamation, Mining and Safety released a report on mine production and safety for January through June of […]

Read More →

Peabody Sues Bowie Resources Over Collapse of Mine Sales in New Mexico and Utah

Jacqueline Palank for the Wall Street Journal: Peabody Energy Corp. is suing Bowie Resource Holdings LLC over the collapse of its $358 million offer to acquire Peabody’s Colorado and New Mexico mines, which preceded Peabody’s bankruptcy filing. The lawsuit, filed Wednesday in the U.S. Bankruptcy Court in St. Louis, seeks to collect a $20 million […]

Read More →

Coal Production in Uinta Basin of Colorado and Utah Drops by 34.7%

Christopher Coats for SNL: Coal production at mines in the Uinta Basin continued to slide in the first quarter of the year, down nearly 900,000 tons from the previous period and 34.7% below the same period in 2015. For the 12 months ending with the first quarter of the year, basin output was 29.3 million […]

Read More →

Is Bowie Resource Partners the Next Bankruptcy?

A Wave of Expansion Plans That Did Not Materialize Undermines the Company’s Financial Health

Just last November some in the coal world saw Kentucky-based Bowie Resource Partners as a kind of contrarian growth story.  Backed by $400+ million from high-powered international energy trading giant Trafigura and its private equity subsidiary Galena Associates, the company appeared to have the deep pockets necessary to carry off any number of distressed acquisitions. […]

Read More →

Editorial: A Train-Load of Trouble Rolls Toward Oakland

From the San Francisco Chronicle: The plan to ship 9 million tons of coal annually through West Oakland must be stopped. It’s bad enough that it’s environmentally threatening, fiscally dubious, and the product of duplicity and political chicanery. Even worse is the fact that a significant amount of public money is being invested in this […]

Read More →

Salt Lake Tribune: ‘Utah’s Coal-Export Deal Still Faces High Hurdles’

The Utah Legislature last week approved a $53 million investment in an Oakland, Calif., export terminal, but the state’s coal-shipping aspirations may still be just a dream. So far, Utah is the only entity that may pledge money toward building a $275 million bulk-freight terminal at the deep-water port under construction at the site of […]

Read More →

Calling for a Federal Inquiry on Link Between Campaign Donations and Utah’s $53 Million Coal-Port Payout

A Commodity-Speculation Scheme That Could Not Find Private-Sector Support

The Utah Legislature has approved a $53 million payment toward development of a Port of Oakland expansion (more than 700 miles away) ostensibly so that coal mined in Utah can be shipped overseas. Here’s the problem with the deal: Coal-export markets off the U.S. West Coast will remain deeply dismal for the foreseeable future. The […]

Read More →

Utah’s Folly

William Yardley for the L.A. Times: Environmentalists and energy experts have been saying it for a while now. So have private investors and federal regulators. Lawmakers across the West are increasingly saying it, too: The reign of King Coal is over. Gov. Kate Brown of Oregon just signed into law a measure that would eliminate […]

Read More →