Ambre Energy is getting out of the North American coal market due to a sharp decline in international prices.
OregonLive is reporting that Ambre Energy is selling its interests in its Oregon and Washington projects to a private equity company, Resource Capital Funds, based in Denver. According to the story, Ambre’s board has approved the $18 million deal, most of which will pay off debt, and company shareholders are expected to follow suit this month.
“We are extremely pleased to continue to have RCF as an active and committed partner in the development of Ambre’s coal assets and export projects,” Everett King, Ambre Energy North America’s CEO, was quoted in the OregonLive story. “RCF shares Ambre’s vision that these projects will succeed and will result in a welcome boost to local economies throughout the western U.S.”
Ambre’s Oregon project would send up to 8.8 million tons of coal to Asia annually via Columbia River facilities in Boardman and Port Westward. The Oregon Department of State Lands denied a key permit in August.
For the full story, visit OregonLive.com.
