Tuesday, January 7, 2014

Goldman Sachs Sacks Coal Terminal Investment

For Immediate Release -- January 8, 2013

Media Contacts:
Crina Hoyer: Executive Director, RE Sources for Sustainable Communities -- 360-223-8678
Kimberly Larson: Communications Director, Power Past Coal -- 206-388-8674
Amanda Starbuck: Energy Finance Program Director, Rainforest Action Network -- 415-203-9952

BELLINGHAM, WA -- Power Past Coal coalition partner reaction to news that Goldman Sachs is no longer an investor in Carrix and the coal export terminal at Cherry Point in Washington State:

Goldman Sachs Infrastructure Partners has sold off its remaining equity investment in Carrix, the parent company of Pacific International Terminals (PIT) and SSA Marine (they were 49% stakeholders).   PIT, SSA Marine and Peabody Energy have proposed a 48 million ton per year coal export terminal north of Bellingham, WA at Cherry Point.   If built, it would be the largest coal export terminal in North America and would mean up to 18 coal trains traveling round-trip through local communities.  The move comes after coal companies and their proponents have tabled or dropped three out of six proposed coal export terminals in the Pacific Northwest in the last two years.  The new investor is Fernando Chico Pardo, a Mexican businessman.

Statement from Crina Hoyer, Executive Director of RE Sources for Sustainable Communities:

“Goldman Sachs’ stepping away from coal export is yet another sign from Wall Street that coal export is a losing investment.  We already know that local Main Street businesses would feel the negative impacts from coal export, and communities across the region are saying no to this bad deal because of health, climate, environmental and economic impacts.  We can do better than coal export both in Bellingham and the Northwest.”

Recent financial records have shown several of the companies are on shaky financial ground and market analysis by Goldman Sachs, Bernstein Research, Deustche Bank, Bank of America and other market exports saying that coal demand abroad is likely on a permanent decline. Of note, Goldman Sachs wrote in an analysis in July of 2013 and “We believe thermal coal demand growth will slow down in the coming years. . . the potential for profit­able investments in new thermal coal mining capacity is becoming increasingly limited.”

POWER PAST COAL is an ever-growing alliance of health groups, businesses and environmental, clean-energy, faith and community organizations working to stop coal export off the West Coast. Visit www.powerpastcoal.org for more information.

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