CLARK WILLIAMS-DERRY – On Oct. 22, 2013, Sightline released a new report: Peabody Energy, Gateway Pacific, and the Asian Coal Bubble. The report shows that at todayâ€™s prices, thereâ€™s no way for Peabody to make money shipping coal to Asia. Peabodyâ€™s strategy is now to hope that the Asian coal bubble re-inflatesâ€”which is an increasingly risky bet, given the collapse of Asian coal prices, recent steps by China to curb coal demand, and the oversupply of coal from other Pacific Rim exporters.
JASON MARK – Itâ€™s no surprise that many Bellingham residents are against plans to make the area home to one of the countryâ€™s largest coal-export terminals. Peabody Energy, the worldâ€™s biggest non-state-owned coal-mining company, is working with developers to convert the Cherry Point piers â€” located just north of town on the U.S.-Canada border â€” into a port capable of exporting 50 million metric tons of coal a year. Locals of all stripes have come together to fight the proposal.